2017 DC Real Estate Trends
We reviewed the recent article by the Washington Post discussing DC real estate trends called “After a solid year in 2017, can the D.C. area’s housing market remain strong?” – and we have some key takeaways for those of you who live in and around the District.
DC Real Estate Trends
- Median prices are up: median price for single family homes and townhouses* increased 1.4% in 2017, up to $649,000 from $640,000 in 2016
- 2017 marks 8 consecutive years of price increase: median prices for single family homes and townhouses have increased every year for the past 8 years in D.C.
- Condo prices dipped: median condo prices fell 2.85% in 2017, down to $426,500 from $439,00
*This is the first year that single family homes and townhouses are separated from condos, which gives us more insight into these respective markets.
This interactive real estate map allows you to view median sales price, sales volume, and change in median price by zip code.
- 20002 showed no change in volume from 2016, and a 3% uptick in median sales price, with 2017 median price at $670k.
- 20003 showed an increase in volume of sales (22%), and a 7% increase in median sales price at $819k.
- Two neighborhoods in close proximity to the Hill are in high demand: Hyattsville, MD (20782) and Congress Heights (20032).
While D.C. prices are up, it’s important to note that the rate of increase has slowed relative to 2011-2016. For those of you thinking about selling your home, these trends point to good timing to put your home on the market. Ask us why!
You can find the full article from the Real Estate section on the Washington Post website, including predictions from Terry L. Clower, the director of George Mason University’s Center for Regional Analysis, who expects the District “to remain strong in pricing.”
If you are curious about the value of your home, about investment properties, or if you are relocating to the District or within the area, contact the experts at Joel Nelson Group today.