I can say that DC has one of the strongest housing markets in the country. But most people want proof. Here it is: In the latest S&P/Case Shiller Home Price Index, the District boasted the biggest housing price gains in the country.
You can read the good news here in this story by the Washington Business Journal: http://washington.bizjournals.com/washington/stories/2010/06/28/daily13.html
Here’s a quick summary of the good news: The median sales price in the DC market rose 2.4 percent in April when compared to one month earlier. That may not sound like a huge gain, but it actually ranked higher than the gains boasted by any of the 20 cities surveyed by Case Shiller.
Overall, housing prices across the nation rose by just 0.9 percent in April when compared to March.
The Business Journal story said that the Washington area also outperformed most of the rest of the nation when it came to year-over-year housing gains. According to the story, the median home price in the District area rose 7.3 percent in April of this year when compared to the same month in 2009.
That’s a pretty good figure. In fact, only four of the 20 cities in the survey did better. San Francisco topped the list with its year-over-year price gain of 18 percent.
This news isn’t that surprising to me. I sell condominiums and single-family homes in DC. I know, then, that housing prices here are gradually, but steadily, rising. This is not unexpected. The national economy is in recovery mode. And though this recovery isn’t nearly as rapid or strong as we’d all like, things are getting better.
It makes sense, then, that the country’s top housing markets would also be showing signs of strength. Despite the economic slowdown, people still need to buy single-family homes and condominiums. And when they choose to buy, people want to live in a vibrant area that offers a host of amenities. Washington, DC is the perfect example of this kind of area.
Category: DC Real Estate Market