DC median home price surpasses previous peak
Not only is the low point of the housing market in the District's rearview mirror, the local real estate market has surpassed its high point, which was set at the apex of the boom in 2005, according to the Huffington Post. As their median prices soar, now may be a good time to speed up your process for finding one of the homes for sale in Washington, DC.
According to the source, the three main areas within the region - Arlington, Alexandria and the District itself - have all exceeded highpoints from the boom. The median home price for DC in July was $457,500, besting the previous high-water mark of $450,000 set in November 2005.
One difference between these figures and those from the housing boom is that these high prices might reflect decreased supply as much as anything else. Increased demand from the strengthening economy mixed with low availability has resulted in strong competition in the area. If you are looking for your dream home and hoping to cash in on rising property values, you may want to act fast.
In a city with low unemployment and a growing influx of residents, it is no surprise that real estate in Washington, DC, is on the rise.