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[quote=Anonymous]Welcome to the reality of metropolitan DC.  The same things that make the neighborhood good for your make it good for many other people, in fact good for far more people than the neighborhood has houses available.  And since, like you, many of them are well into the upper income levels, many of them have the money to compete for the same houses.  That's demand and that drives the prices up.  Unfortunately, like you, there are more and more people moving into the region.  The population has been on a steady increase for 40+ years and has no signs of stopping.  Additionally, the income levels of the top 5% have been steadily increasing. The number of people that can afford houses over $1M is growing faster than other income levels so your competition is growing faster than other income levels.

So, even if houses come on at lower levels, like $1.2M, they will go for over list price and you will be paying significantly more than that just to have a chance to win that house.

Your best bet is to pick a less popular area, whether further out or one that is in need of gentrifying or looking for a fixer-upper.  But the situation is not going to get any better because anywhere there are houses in the $1.2M+ range, is popular for a reason and there are more and more people who want to live in those areas that will continue to drive the prices up.  Prices adjust to what the market will bear.  Until there are fewer people willing to pay the list price, the prices will continue to rise.[/quote]

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