Washington, D.C. real estate includes some of the most historic buildings and residences in the country. What's more, living in Washington, D.C. means living amid the hustle and bustle of the nation’s capital. Some D.C. residents choose to live in modern condominiums or lofts; however, many of the more affluent residents prefer to live in a more traditional neighborhood with single family homes. When discussing Washington, D.C. real estate, people typically divide the area into four quadrants for purposes of clarification.
The Washington D.C. real estate market, like many other markets throughout the United States likely to slow down in the following months. Although the numbers still look much better than they did last year. The median home sales price in Washington D.C. rose from $345,000 to $375,000--an increase of nine percent--between August, 2012 and August, 2013.
In addition, the inventory of homes that are up for sale in the Washington D.C. real estate market is shrinking. The housing went from 17,734 in August, 2012 to 15,633 listings in August, 2013. That's a decrease of 12 percent.
Washington D.C.'s collection of green spaces got a little bigger last year with the opening of its newest park, Canal Park. Washington Canal Park, located in the heart of D.C.'s riverfront neighborhood, opened in November 2012, a symbol of that neighborhood's revitalization. Once an eyesore, the three-block park has not only brightened southeast Washington D.C., but sparked a wave of development, including the construction of several new high-end residential buildings.
About Washington Canal Park
When selling your home in Washington, D.C., the right marketing efforts will make all of the difference in how quickly you will find a buyer and how high the price will go. Here are some practical tips to keep in mind as you begin the process of selling your property.
Use the Right Agent
If you are selling a home in the Washington, D.C. area, understanding how to calculate the profit from a home sale will help you as you price your home. Home selling costs that impact your profit will have a role to play in this calculation. As you determine how much profit you can get for your home, don't forget these common costs.
Accounting for Your Own Mortgage Costs
The residential housing market is rebounding all over the United States, and the greater Washington D.C. area is no exception. The current median home listing price in the area is $424,557. That's an increase of 6.18 percent from this time last year and a 2.30 percent increase from last month. Those listing prices aren't just wishful thinking; homes in the Washington D.C. area are selling at prices near to or exceeding those figures. The median sales price in the Washington D.C. market for May was $482,900, a 12.9 percent increase over May, 2012 and a .9 percent increase over April, 2013.
Living in the nation's capital can be expensive. Washington, D.C. home prices tend to be higher than most cities in the nation, simply because of a lack of space and a high demand for properties. With that said, you can find homes in Washington, D.C. to fit your budget if you know where to look. These three neighborhoods offer plenty of amenities and prices that may work for you.
Affordable Properties in Foggy Bottom
Washington DC's Capitol Hill is the largest historic district in the city and also the most densely populated, with approximately 35,000 residents in just two square miles. The neighborhood, which extends east from the US Capitol Building, dates from the late 18th century and includes many Washington DC homes that are listed on the National Historic Register.
Capitol Hill's History
Washington D.C. offers home buyers some of the most interesting, and diverse, options available because of its blend of historic charm and big city hustle and bustle. If you are planning to purchase real estate in Washington D.C., you likely have some questions about the process. While it is always best for Washington D.C. home buyers to consult with an experienced real estate agent with specific questions, there are some general questions and answers that may help get you started.
Homebuyers in Washington, D.C. have a wide variety of housing options to choose from, including everything from historic homes to brand new high rise condos. For many, buying a home in Washington, D.C. will include the additional expense of a monthly Home Owners Association, or HOA, fee. Before you decide to make an offer on your dream home, be sure that you understand what an HOA fee is, what it covers, and what the consequences are of not paying the fees.