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Real Estate
Reply to "What is truly going on with the DC area real estate market, please explain? "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Prices inside the city have been increasing since 2012. It started skyrocketing thanks to Covid because everyone wants a SFH. I mean...this doesn't surprise me. I was on these boards in 2016, 2017, 2018 telling people to buy now. They all said 'I'll wait - it'll come down'. When in fact D.C. prices have just been mirroring the rise of prices in S.F. and N.Y.C. in a [i]much[/i] shorter amount of time. Its going to keep going up because everything in the city keeps getting more desirable. - One of the top 10 most walkable cities in the country - Grocery stores in every corner and more coming - Best healthcare and hospital care available per capita basis - Schools improving in every quadrant but already excellent in UpperNW, SE near Hill, and NW - Job market is excellent - Tourism market and therefore rental market is excellent - City plans which have increased public transportation and bike paths across the metro area - More ultra-wealthy moving into the city (Bezos should have been clue) - City amenities include free pre-school for residents and paid leave for parents - Beautiful mix of architecture, urban density, and modern capabilities[/quote] All this. The city is also retaining families who once would have flocked to the burbs for the schools. This is especially true of young families who like the urban walkable amenities and don’t need to move to upper NW or burbs for the schools with improving neighborhood schools and charters, etc... This trend is big on why inventory is so low. Not to mention the baby boomers selling their 4K sq feet suburbia home and moving into the city. Not all of them want condos. Some want SFH. Capitol Hill has been a hot area for boomers to buy for years now and I wouldn’t be surprised if they branched out to Shaw, Navy Yard, Wharf, etc...[/quote] I don't want to damage your narrative, but inventory is lowest in the suburbs. In fact, the area with the lowest months' supply is king suburb of them all, Loudoun County. DC is doing just fine, but please don't overstate the story.[/quote]
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