How long will housing remain affordable in DC? Depending on your timeline to purchase and your buying power, the clock may be ticking for you.
“All of the housing data for the DC real estate market shows steady increases on an annual basis the last 2 years,” commented Gerard DiRuggiero, Principal Broker at UrbanLand Company. “Our active home buyers have been very accepting of the price increases – it shows strong potential for future appreciation and validates that now is in fact the time to buy a home or condominium.”
Besides the annual increases in housing price that the news keeps talking about, housing prices and costs are changing significantly in the short term as well. “On a month to month basis, we’re seeing wild levels of volatility in pricing and demand. Some of this is caused by a lack of supply or available properties for sale – a ‘down month’ in November may be caused by a lack of supply in October, and so on and so on,” continued DiRuggiero.
“Besides steady increases in housing prices and volatility in month to month sales activity, the one consistent thing we’re seeing is unprecedented interest and demand for DC real estate,” said DiRuggiero.
Times of high demand and interest are great times for savvy, opportunistic buyers. It’s essential to understand what is happening within individual neighborhoods and areas of the city when seeking real estate. The market numbers apply to the entire DC area market as a whole. There are still pockets of value and areas where short term market fluctuations can be a benefit to you as the buyer.
A good example is the Petworth and Brightwood corridor in upper Northwest. “What you see up here is classic revitalization and redevelopment taking hold of an already great location,” commented DiRuggiero. “The Brightwood and Petworth area has highly attractive improvements, new retail and a ton of housing options, and prices have remained within reach even while demand has surged.”
UrbanLand Company can related to what’s going on in Brightwood and Petworth. “In just the last 2 weeks, we’ve sold 5 brand new condominiums at Petworth Flats near the Metro, and have suddenly had lots of repeat interest in a great 4 bedroom duplex single family home in Brightwood that is listed at $469,000,” continued DiRuggiero.
A 4 bedroom brick duplex on a tree lined street listed at $469,000 is a great example of an opportunity in the market. “This semi-detached single family home is phenomenal – you get 4 bedrooms, a great interior, a yard and a charming covered porch looking out into a quiet, tree lined street. Where else can you get this kind of value for that kind of price while still staying in Northwest,” concluded Gerard.
UrbanLand Company is a private real estate brokerage headquartered off of U Street, NW. For more information and current listings, visit UrbanLandCompany.com.