DC's home prices have risen more than any other city's since 2000
Although the housing crash of the late 2000s has made it standard practice to evaluate the housing market in terms of only the last few years, a wider view can be just as useful. Looking at current home values as they compare to their rates in 2000, for example, can offer a more balanced perspective by avoiding the extreme vicissitudes of the last five years. By this measure, real estate in Washington, DC, is the nation's top market.
In 2000, home values had not yet been fully enveloped by the bubble, so they reflect a more stable vantage point from which to gauge the market. Comparing current prices to this date, as opposed to 2007 or 2011, allows analysts to exclude the wild swings that characterized the bubble and its subsequent pop.
Using the figures from the Case-Shiller index released at the end of August, it is clear that the District's latest price gain, which brought home values up another 3.9 percent year-over-year, has helped the city retain its continued long-term real estate values. In fact, according to The Wall Street Journal, home prices in the District have risen more than in any other city since 2000.
However, the District isn't only faring well when compared to prices from 2000 - certain experts feel confident in declaring that the District has finally fully recovered from the housing meltdown of the late 2000s. Each of the last few months has provided further good news about the value of homes for sale in Washington, DC. An increase in demand, likely caused by strong local employment opportunities, led the District's home prices to rise in July by both month-to-month and year-over-year measures. In the eyes of some experts, July was one of the strongest months since the housing free fall of the late 2000s.
"The housing market is definitely in recovery," John McClain, a senior fellow and housing specialist at George Mason University, told WTOP-FM.
McClain, who examined local median home prices for existing and new home sales, found that the market is improving throughout the District. Overall, median prices rose 4.4 percent in July, which included gains in every county in the region, according to the source.
Not only are prices in DC high compared to when they were at their nadir around 2008, but they are also above levels seen at the peak in 2006. According to McClain's figures, the District's prices now stand at 101 percent of what they were at that high point.
As news continues to improve in regard to DC's housing market, now might be the perfect time to look for a house in the area to call home.