According to Forbes Magazine and the Association of Foreign Investors in Real Estate, Washington, D.C. has now been named the #1 place to invest in real estate.
The District of Columbia beat out New York City and London, the 2 cities usually competing for top spot on this chart. D.C. is expected to gain in investment value due to the anticipated increased spending, growth in jobs, and demand in housing needs for employees.
Average Sales Price for Single Family Homes in Washington, D.C.:
2004: $510,496
2005: $628,179
2006: $644,115
2007: $687,459
2008: $663,507
Average Sales Price for Condos/Coops in Washington, D.C.:
2004: $364,460
2005: $426,576
2006: $406,501
2007: $405,271
2008: $411,663
As you can see, while some markets in 2008 dropped values in double digits, condos GAINED in price overall, and single family homes are still above 2005 prices.
Ready to start looking? Let's talk! 703.283.6120
Comments(0)