^ Top

District Of Columbia real estate

Washington D.C. – They’re Crazy for Homes Here!

When you think of the Great Recession, you can’t help but think of Washington D.C. After all, this is where bailouts were voted on, where stimulus packages were created, and where many Americans place the blame.

But most of the people who live in Washington D.C. don’t work on Capitol Hill. They’re simply hoping the economy starts to gain steam along with the rest of the country!

So far, it looks like the District’s housing market is starting to gain some steam of its own. If you plan on buying one of the homes for sale in Washington D.C., be prepared to open up your wallet. By the end of 2012, the average monthly mortgage payment here was one of the most expensive in the country – more than even Hawaii and California!

In fact, realtors in Washington D.C. are reporting all-out bidding wars taking place. One house in the District fetched nearly 170 offers after it was put on the market! (Amazingly, the home was a simple gray townhouse, with water and termite damage inside!) While most of the homes for sale in Washington D.C aren’t quite as sought-after, be prepared to fight if you fall in love with a house here. Odds are, someone else is in love with it, too!

Realtors say that people are even snapping up homes that haven’t been built yet – just after looking at the floor plans.

So, why are people going crazy for homes inside the Beltway?

There are a few reasons:

First, Washington D.C. isn’t all that big. With more than 630,000 people trying to squeeze into only 68.3 square miles, if you want to live here, your choices are somewhat limited.

Second, the District has been plagued by high rent prices. The average apartments for rent in Washington D.C will cost you close to $2,000 per month! At that rate, it’s actually cheaper to go out and buy a home (since the average mortgage payment is about $400 less than that). While experts say landlords will have to slow down the skyrocketing sometime soon, don’t expect the prices to come down. Instead, expect the apartments for rent to stay at relatively the same price.

Third, there isn’t a whole lot of selling going on – at least, there wasn’t at the end of 2012. If prices continue to go up and the bidding wars continue (which they should, as long as inventory stays as low as it does), more homeowners should be convinced to put their homes on the market.

Fourth, there is a surge of 20- and 30-somethings moving to town (and there has been for several years). They’re actually showing up in record numbers, and they all need a place to live!

This is the Census data for District Of Columbia

Population

Total population estimate for District Of Columbia (July 1) 2012
632,323
Total population change for District Of Columbia- April 1, 2010 to July 1, 2012
5.1%

Age

Percentage of the population that's under 5 years old in District Of Columbia, 2011
5.9%
Percentage of the population that's under 18 years years old in District Of Columbia, 2011
17.0%
Percentage of the population that's 65 years and over District Of Columbia, 2011
11.4%

Gender

Percentage of the population that are females in District Of Columbia, 2011
52.7%

Race breakdown for District Of Columbia in percentages

White alone, 2011
42.4%
Black alone, 2011
50.7%
American Indian and Alaska Native alone,2011
0.6%
Asian alone, percent, 2011
3.7%
Native Hawaiian and Other Pacific Islander alone, 2011
0.1%
Two or more races, 2011
2.5%
Hispanic or Latino Origin, 2011
9.5%
Not Hispanic, White alone, 2011
35.3%

A little more about the residents of District Of Columbia

Percentage of residents who lived in the same house 1 year ago, 2007-2011
80.4%
Percent of residents who are foreign born 2007-2011
13.3%
Percent speaking a language other than English at home, 2007-2011
14.5%

Education

Percent high school graduates or higher for residents 25 years old and over in District Of Columbia, 2007-2011
87.1%
Percent with a bachelor's degree or higher for residents 25 years old and over in District Of Columbia, 2007-2011
50.5%

Veterans

Total number of Veterans living in District Of Columbia 2007-2011
31,119

Communting

The average travel time to work for workers in District Of Columbia (16 years and over not working at home), 2007-2011
29.6 mins

Real estate stats in District Of Columbia

Housing unit estimates, 2011
298,902
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
42.8%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
61.8%
Median value of specified owner-occupied housing units, 2007-2011
$442,600.00
Households, 2007-2011
260,136
Average household size, 2007-2011
2.13

Income

Per capita income for District Of Columbia in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$43,993.00
Median household income in District Of Columbia, 2007-2011
$61,835.00
Percentage of people living in poverty in District Of Columbia 2007-2011
18.2%

Business and commerce info for District Of Columbia

Private nonfarm establishments, 2010
21,502
Private nonfarm employment for pay period including March 12, 2010
463,076
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
11.6%
Total number of businesses in District Of Columbia, 2007
55,887
Percentage of Black-owned businesses in District Of Columbia, 2007
28.2%
Percentage of American Indian- and Alaska Native-owned businesses in District Of Columbia , 2007
0.9%
Percentage of Asian-owned businesses in District Of Columbia, 2007
5.9%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in District Of Columbia, 2007
NA
Percentage of Hispanic-owned businesses in District Of Columbia, 2007
6.1%
Percentage of Women-owned businesses in District Of Columbia, 2007
34.5%

Land size and population

Size of District Of Columbia in Square Miles, 2010
61.05 mi²
Population per square mile in District Of Columbia, 2010
9856.5

District Of Columbia real estate

[Not Specified]

Adams Morgan

Brightwood

Capitol Hill

Capitol View

Chinatown

Columbia Heights

Deanwood

Dupont Circle

Foggy Bottom

Friendship Heights

Georgetown

Kalorama Triangle

Logan Circle

Mount Pleasant

Mount Vernon Square

Outside Area (Outside Ca)

Southeast

Washington D.C.