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Michele Buckman has put together some videos discussing the current DC market and what the future may hold for the real estate market in the Washington DC area.

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Washington DC Realtor: Washington DC Housing Market Has Recovered and Is Surging

Washington DC Realtor Michelle Buckman wants you to know the District's residential real estate market has recovered from the recession, and prices are surging.

In February 2013, the Federal Housing Finance Agency reported that its Housing Price Index at the close of 2012 showed prices in the District were 2 percent higher than the pre-recession peak of early 2007. Nationwide, prices remain 21.1 percent below their 2007 highs.

This means that DC has more than recovered from the 16 percent loss incurred during the Great Recession, when prices bottomed out in the District and across the U.S. It’s believed that the growth in population, employment, and income over the several years - combined with a relatively limited supply of housing - have been contributing to the rise in prices.

Some other statistics:

  • The federal government lost 2,233 D.C. employees between December 2011 and December 2012, while the health sector was up by 3,167 D.C. jobs.
  • The professional and technical sectors and "other business services" both lost more than 1,000 jobs during that period, while organizations and education gained more than 1,000.
  • January single-family home sales were up 14.1 percent from a year earlier, and condominium sales were up 26.5 percent. Prices are up too — 5 percent for single-family homes and 17.3 percent for condos.
  • More than 15 percent of all homes sold in January went for more than $1 million.
  • As of December, 2.63 million square feet of commercial space was under construction, and average effective rents for Class A office were down 1.5 percent.
  • In December, DC resident employment was up 24,904, or 8.1 percent, from a year earlier.

Houses and condominiums are selling faster in the Washington market, and prices continue to rise. The average selling price in the District is now at an all-time high, according to listings service MRIS. The average time to sell a property was the fastest in seven years. The Washington Metro area's median "days on market" - the number of days from a property's listing to an accepted offer – is averaging about 15 days, in down from 41 days a year ago.

In this market, Michelle Buckman is the experienced DC Realtor you need. Specializing in real estate in the Capitol Hill, Cleveland Park, Chevy Chase and Northwest DC areas, DC Realtor Michelle Buckman will help you with buying or selling your Washington DC home, for the best price possible.




Copyright © Michelle Buckman Real Estate

202-966-1400 (o) | 202-251-8400(c)
michelle@buckmanrealtor.com

Michelle Buckman Real Estate


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