What’s New for Markets in 2015?
Considering a move to the Greater DC Metropolitan Area? Check out what’s new for DC markets in 2015.
Nationwide, the markets have been stabilizing. Although the national average home price has risen to the low $200,000s, the market itself has been in a holding pattern throughout 2014. The economists think that this is due to a great disparity between the rapid 19% growth in home prices vs. the meager 4% growth in household income. However, the market is in the process of fixing and recovering itself - as we have seen it do over and over again in the past.
Our region’s population is continually growing, which is a great sign for our economy. In fact, the DC Metro Area alone houses a whopping 40% of the country’s millennials; more than any other area in the country! The national unemployment rate has also gone down to 5.6%. So the question becomes jobs. What jobs are being created? The oil industry has seen an unsurprising boom in growth, but higher gas prices and unsustainable drilling costs may be dampening the continued momentum in many parts of the country. Government jobs drive our region, and now that we have seen a huge downsizing in the Federal government, industries such as construction, cyber security, biomedicine, and hospitality are booming, and rapidly replacing these lost jobs.
CNN rated the DC area as one of the “hottest markets” of 2015. DC’s resurgence as a “cool place to live” has been attracting more and more residents looking to partake in this revival. Our DC metro region is also full of some of the most educated and well paid people in the nation, with an average household income of $90,000+. All this and more makes buying a home and building a future in the DC Metro area a very promising thing to do for 2015!