While the traditional single-family home market in Washington, DC has started and stopped in fits throughout 2014, the condo market has continually shown strength and endurance as a preferred domicile for many area home owners. The District condo and co-op market has seen such rapid and wide-spread growth throughout the last few years that DC residents can hardly drive more than a few blocks before seeing a sign or development touting new units.
According to a report in the Washington Post, condos now account for half of all active listings on the Washington, DC housing market, which is astonishing given the gaining momentum this part of the market is experiencing.
DC’s condo market is so hot, that prices on new condos are rising by increasingly rapid rates however, higher prices haven’t seemed to stave off any buyers who are clamoring to find a great condo near transportation and local amenities. Delta Associates, a Virginia-based real estate research firm, recently reported that the average effective price-per-square-foot for new condo throughout the DC area rose by 11.9 percent for the year ending in September.
Delta noted the largest increases to be in Prince William County and Arlington/Alexandria, which saw astonishing growth of 20.9 and 19.1 percent, respectively. In DC proper, condo prices rose at a slightly more reasonable rate of 7.1 percent.
Washington, DC’s Hot Condo Neighborhoods
Delta Associates also indicated that there are about 3,119 new condo units under construction or being marketed throughout the DC region. This is an increase from the same time last year when approximately 2,223 units were in the works for the city.
Where are all of these condos? According to the Washington Post, nearly 75 percent of condo and co-op listings for 2014 were in the same eight neighborhoods. Not surprisingly, Dupont Circle/Adams Morgan tops that list as 665 units have been listed on the market since January 1, and many more are in the works.
Just recently, Adams Morgan was recognized by the American Planning Association as one of the best neighborhoods in the entire nation. The neighborhood was praised for its murals, festivals and nightlife in the bestowing of the honor.
Rounding out the top three on that list are Shaw and Woodley/Cleveland Park with 424 units and 231 units respectively. Most of the neighborhoods that make up the top eight condo markets in Washington, DC have been well-known spots for condos for some time. However, this year saw a few neighborhood newcomers that are adding to their inventory of condos and gaining popularity among home owners. Those additions are Anacostia/Hillcrest, Capitol Hill South and 16th Street Heights/Crestwood.
If you are interested in learning more about Washington, DC condos for sale, please allow me to show you around any of these great neighborhoods. Give me a call today.
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