There is no city in the world like Washington D.C.
The District of Columbia has a strong job market particularly in government, technology and healthcare. The city is divided into quadrants, NE,NW,SE and SW and each quadrant has a diverse range of neighborhoods with its own character, restaurants and amenities.
Homeownership in Washington DC provides stability and the potential for long-term financial gain especially as property values continue to appreciate over time. While the cost of living is on the high side as compared to smaller cities in the United States. The District is adjacent to Maryland and N.Virginia where many DC residents go for hiking, biking and other outdoor activities on the weekend.
According to the Bright MLS Home Demand Index, home demand in Washington DC is down 30% as compared to this time last year. The rise in interest rates is seen as a contributing factor. Home buyers have a bit more wiggle room to negotiate price and contingencies if buying a condo, townhouse or modest fixer upper type of property. The popular neighborhoods of SW Waterfront, Adams Morgan, Logan Circle and Capitol Hill have homes being sold where there are multiple offers and price escalations well over the list price.
Demand for single family homes in the District priced above 1200K has steadily increased from January 2023. Housing inventory in this price range is at a 2.4 months supply of homes on the market which is good news for home buyers.
Overall, the demand for homes is highest in Arlington and Washington D.C. while housing demand remains steady in Bethesda, Silver Spring and Takoma Park Maryland.
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