Washington, DC, is a vibrant and majestic city, beckoning visitors with its iconic skylines and celebrated monuments. From the awe-inspiring Washington Monument to the serene tranquility of the Potomac River, DC offers something for everyone. Within its confines lies diverse cultural attractions, including world-class museums, restaurants serving award-winning cuisine, and unbeatable nightlife options. Whether you're in town for business or pleasure, Washington, DC, has something to offer everyone eager to experience what the city has in store.
Quick Facts:
- 671,803 people live in Washington, DC.
- February 2023's median home price was $625K.
- Most houses sell in 69 days.
- The average wage in Washington, DC, is $81,000 per year.
Washington, DC, in a Nutshell
As the national capital of the United States, Washington, DC does not only serves as a hub for federal government work but also holds its own as an international destination for tourists and businesspeople alike. It's a place where history and modernity intersect, from the White House to the countless museums and monuments that tell of America's past. Half of Washington's land belongs to the U.S. government, which does not pay any taxes on it- creating a unique situation that contributes to the economic lifeblood of the area. This has resulted in hundreds of thousands of jobs for people in the city's metropolitan region working with various federal agencies and departments. In addition to this booming economy, Washington retains a small-town atmosphere due to its neighborhoods full of friendly locals. It is easy for newcomers and visitors alike to become immersed in both its local culture and its global significance.
Employment
The Washington Metropolitan Division saw a total civilian labor force of 2,681,100 in December 2022, with 2,604,600 employed and 76,500 unemployed individuals. This marked an unemployment rate of 2.9 percent. In 2022, employment in the region increased by 43,400 jobs. Notably, this growth was strong across many industries. This includes manufacturing, mining & construction, professional & business services, educational & health services, leisure & hospitality, and other services.
Economy
Washington, DC, is an epicenter of ideas, innovation, and invention. Boasting the highest percentage of college graduates amongst U.S. metropolitan regions, the District is home to more than 100 universities and colleges offering an array of academic programs and degrees that attract and retain talented minds from around the world. Moreover, it is ranked second in the nation for foreign capital investment into its bustling office market. Its metropolitan area is widely regarded as the strongest economy across America. Home to 400 international associations and 1,000 internationally owned companies. With 15 Fortune 500s among them, such as Hilton Worldwide and Capitol One - it presents a vast array of career opportunities for all types of professional interests.
Washington, DC. Real Estate Market
In February 2023, the median listing home price in Washington, D.C., was $630K, a 6.2% increase from the previous year. The median listing home price per square foot was estimated at $515. When it came to actual sales, the median sold price was recorded at $625K. This date indicates that homes in this area were selling for 1.09% below their asking prices on average. Given these figures, it is safe to say that the housing market in Washington, DC is balanced. Equal amounts of supply and demand exist in the area. In addition, the median days on the market for homes in this region had gone down since last month but slightly up compared to last year. It usually take 69 days on average until a successful sale was made.
Real Estate Trends
From December 2022 to February 2023, the Washington, DC housing market analysis showed that 19% of homebuyers were looking to move out of the metropolitan area. On the other hand, 81% sought residences within the city's boundaries. Among those moving into Washington, DC, from outside metros, New York was the most popular location for house hunters. San Francisco and Lincoln followed in second and third places, respectively. For those staying within the DC metro region, Miami proved to be the most sought-after destination for relocating residents. This was followed by Virginia Beach and Salisbury.
Final Thoughts
Washington, DC , is a thriving economy, with employment opportunities across multiple industries and real estate prices that reflect the city's status as a prestigious metropolitan area. It also boasts a plethora of cultural attractions, plus an array of educational facilities that meet all levels of academic pursuits. With its vibrant community full of friendly locals and varied lifestyle offerings, it is no wonder why so many choose to settle in this city – whether for short periods of time or for good.
Have a comment, tip, or concern?
Thanks for reading Elite Informer! Here's more where that came from.