Over the past ten years, Washington’s real estate prices have skyrocketed. Between 2000 and 2014, average home prices have risen around 150%, according to an interactive graph on the Washington Post website. Some neighborhoods have seen prices rise even more than that, because they offer the perfect mix of space and proximity to the explosion of amazing restaurants, nightlife, and shops that the District has to offer.
Although prices have gone up, there is more rental housing available in Washington than there was a decade ago, according to the Post. With the dramatic price increases that have affected the revitalization of the district, it means that lower-income residents are getting pushed out. Even so, prices for properties in in the D.C. area offer better stability than other real estate markets, with “less downturn during the downturns,” according to Capitol File.
Washington, D.C., has the highest percentage of single-person households nationwide, making up around 45% of D.C.’s population. With this increasingly single population, the real estate market has been making moves to accommodate a new clientele that is looking for less space and proximity to urban amenities like restaurants and nightlife, as well as shorter commutes. Some new real estate projects that cater to this clientele include the renovation of the historic Dupont Mansion and Shaw’s Blagden Alley into micro-apartments.
But while these neighborhoods are well-known to even the suburban commuter, one neighborhood to watch is the southwestern quadrant of D.C. Based on the upward trend of the rest of the District, it is only a matter of time before Southwest follows suit!