Washington DC Condo Market
Right now, there are 751 condominiums for sale ranging in price from 350,000 to 1 million dollars on the Multiple Listing Service in Washington DC
At a time when inventory is historically low and has been for over a year or more, having options is refreshing! Of course, this price range is wider than most homebuyers' search criteria. And this search includes studios to penthouses so again, a broad range but still good news for condo shoppers.
If you are in the market for a DC condo, between now and the new year is the time you could actually find a great condo for a good price! I've set up a condo tour with a first-time homebuyer for this evening. We'll start in NW Washington along Georgia Avenue in the Petworth neighborhood and then go to the H Street corridor neighborhood and wrap things up in Silver Spring Maryland.
According to Urban Turf a local DC news source on real estate, DC home prices are up 4.5% compared to this time last year and up 22% compared to October 2019. It doesn't look like prices will be coming down anytime soon. The condo market is better for buyers and there are opportunities to buy a home without overspending. It's critical for buyers to know their budget, stay within their budget and look for opportunities.
These opportunities may not have gleaming white kitchen cabinets and white quartz countertops.
But that's okay. If you are willing to buy something less than perfect now, you can make it perfect in a few months or a year.