As the population in Washington D.C continues to increase (10.8% from the year 2010 to the end of 2015), the amount of the residential developments has also increased. Since the year 2001, over 538 projects have been completed and another 93 projects are still under construction. This has resulted in 13,294 units along with over 12,180,360 square feet associated with planned development.
The WDCEP, known as the Washington D.C Economic Partnership an non-profit organization released a D.C Development Report that contains research on the amount of the major construction and development projects in this district that includes contributions from more than 100 contractors, architects, developers and more. This report includes a tracking of 15 years related to development and has successfully provided an analysis of the progression and growth of the real estate markets in Washington D.C. The information is a true reflection of what has occurred in this area and what buyers can expect going into the future.
Below is a list of a few of the more important aspects of the WDCEP’s data. This particular list is only aimed at the residential markets opposed to education, hospitality, commercial and office which are also available in other separate reports .
•In the 2nd quarter of the year 2015, the most expensive rental rates were located in the neighborhood of Downtown-Logan Circle at $2,466, while the least expensive rental rates were located in the neighborhood of Brookland-Fort Totten at $1,658.
•Over the last 15 years, the one bathroom apartments for rent or for sale have decreased in their size from the average that used to be 850 square feet to approximately 725 to 750 square feet.
•In the last year and a half, median sale prices for the co-op/condo have increased by about 9.5% that translates to about $520,000.
•The amount of the Washington D.C residents that are between the ages of 25 to 44 has grown by 30.6% from the year 2005 to 2014. Due to this particular growth, the demand for the apartments have increased as the Millennials are more focused on renting opposed to buying at this particular stage.
•In the 2nd quarter of the year 2015, Washington D.C experienced one of the highest rates associated with net absorption over the last 5 years translating to 4,544 units. Due to this vacancies have lowered by 4.7%.
An Overview Of The Washington D.C Real Estate Market
Below is an average of what to expect when deciding to buy a home in Washington D.C.:
•The average Median Sales Price - $550,000 or $522 Price Per Sqft
•The average Median Rent per month - $3,300
•The average Median Listing Price is between $75K to $1.5M+
When looking to buy a home in Washington D.C it is always advisable to find out as much information about the area as possible. Below are some of the most current statistics related to Washington D.C.
Crime activity reports can be helpful for buyers comparing different locations in order to gain a better understanding of the “relative” safety for each location. The crime statistics will vary from one neighborhood to the next and and can result in some neighborhoods becoming more favorable areas.
•Counts of theft
•Counts of robbery
•Counts of burglary
The Best Schools In Washington D.C
To date there are 227 schools based in Washington D.C. For buyers looking to place their children into a school in one of Washington D.C neighborhoods here of some of the top schools to consider:
•Janney Elementary School
•Eaton Elementary School
•Stoddert Elementary School
•Deal Middle School
•Washington Latin Pcs Middle School Campus
•D.C. Preparatory Pcs Edgewood Middle
•Mckinley Technology High school
•Washington Latin Pcs Middle School Campus
•School Without Walls High School
The demographics of an area offer insight into the different neighborhoods for prospective buyers. To date this is the following statistics in Washington D.C:
•Single residents- 54%
•Home owners – 46%
•Average Median age- 36
•Median Household Income - 65,609
•College educated - 48%
The majority of the Washington D.C residents commute using their cars. The statistics are as follows:
•1% commute using bikes
•46% commute using cars
•39% commute using public transportation
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