Categorized | Residential

Washington DC Housing Market Shows Strength

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Economists believe that the residential real estate market in Washington DC is one of the strongest in the United States based on the most recent data. The Washington DC metro-area has seen its housing market grow significantly in the past year. The area’s residential real estate market has benefitted from the number of suburbs in surrounding states that are close to the capital city.

 

Washington DC is also benefiting from a highly advanced metro system that makes transportation in the city and its surrounding areas very easy and efficient. With gasoline prices on the increase, many people are looking to live in an area where daily travel is convenient.

 

According to data from the most recent report, pending home sales are already up thirty-nine percent this year. Additionally, housing inventory has declined by almost thirty percent from just one year ago.

 

While homes across the country can sometimes take as long as one year to sell, those in Washington DC are sold in two months on average. While many areas of the United States have seen housing prices drop this year as the market starts to recover, Washington DC actually saw its average home price jump six percent during the month of February.

 

While more foreclosures are expected in hit the market in the coming months, it is unlikely that the capital city will see its housing market falter. Economists are recommending that homebuyers act with caution instead of buying the first home they see. However, they are relatively upbeat about the market, and they are firm in their beliefs that Washington DC’s housing market is performing well.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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