It is well known the DC metro housing market sustained the recession better than most markets, especially Las Vegas and Florida. This is largely thanks to the federal government being the number one employer in the area. With fewer lost jobs than other areas in the country, buyers' confidence continued to hold steady thus allowing housing prices to remain relatively stable.
Now a report is stating the DC metro area housing market is to expected to end the year as one of the strongest in the country. Even though the market suffered since the peak in 2006 (losing about 42% of its value), our market is expected to regain one third of that by the end of the year.
We all know that depending on the area, prices have gone up or down, but overall, the market is showing signs of improvement. Now if you are looking to sell your home, this may be the time to consider. People selling their homes are starting to see multiple offers and some are actually receiving the asking price for their homes.
As a buyer, the news isn't as positive since prices are beginning to go up. Should you wait and see, I don't think that is necessarily a good idea since there are two factors at play here. The first being interest rates have begun to increase again, so you have to be careful of being priced out different areas. The second reason is the average sales price has increased since this past spring even though inventory is still not up to where it use to be in 2006.
The good news for buyers is it's not to late to get into some great investment areas (up and coming with development such as Shaw, 7th and O Streets NW, H Street NE, Petworth) since housing values are increasing again.
For more information on the report, please visit dcist.com.