Pandemic real estate trends continue in D.C.
Recent housing data shows the D.C. market is still wild, Axios’ Paige Hopkins reports.
Why it matters: Even with a slight increase in inventory, the market still hasn’t settled back down to pre-pandemic levels, which makes it harder for homebuyers with tighter budgets who can’t afford to offer above asking price or pay in cash.
- Due to rising home prices, younger people, specifically those under 45, are opting to rent rather than buy.
- The DMV has 14 suburban areas where the majority of residents rent — that’s more than any other major metro in the country, according to reporting by DCist.
By the numbers: The median sales price for detached homes in the District was a staggering $1.27M in June 2021, according to the Wall Street Journal.
- Data from the Greater Capital Area Association of Realtors (GCAAR) shows the median sale price in the region was $585,000 in August.
Zoom in: In addition…