After the housing crisis that affected the whole of US, real estate Washington D.C. is on a downturn with housing affordability of common man getting deteriorated day by day. The capital city of USA has been ranked as one among the top cities in US as well as in the world to do business. Washington DC attracts national and international investments in retail, hospitality/ tourism, housing sector and residential markets. These achievements and potential for office spaces notwithstanding, there is slump in real estate sector, triggered mainly by a general slowdown of US economy.
Location plays a key role in deciding the real estate prices at Washington DC. While the nearby counties of DC recorded a sharp decline in the price of property, DC metro area has varying price tags. Since 27% of the jobs in Washington DC are offered by Federal Government, which means a substantial portion of the population has fixed income, housing prices do not fluctuate as much as they do in other cities. The biggest downturn occurred in low and medium priced houses that went for a foreclosure before banks. When such property is sold by the banks, it becomes difficult to find a buyer for an increased price.
Growing prices of gas and other commodities, an impending economic slowdown and a business slumber have added to people's restricted spending on property. Price of Single Family Residences (SFR) at Washington DC area stands at $550,000.
Though experts predict that housing prices will normalize in a year, on the face of a global economic slowdown, it's too early to reach at an optimistic conclusion.
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