Washington, DC, is the country’s capital. It is where the White House and over 175 international embassies are located. Thus, Washington, DC is basically a government central. But, more than that, the city is also a popular tourist destination, a cosmopolitan center, yet having a small-town vibe.
The city is attractive to the young and thriving as opportunities arise as well. That is why the real estate market has seen a boost in sales ever since the pandemic hit. The cost of living in Washington, DC isn’t the lowest, but house prices got lower with the pandemic. Its real estate market is quite competitive, so best to know the ins and outs.
Quick Facts:
- Washington, DC, is the third most expensive city in North America
- With an estimated population of 714,153
- The average salary is $78,000
- The average rental price is $2,234
- The median sale price of houses is $706,500
Washington, DC in a nutshell
Washington, DC is one of the most expensive cities to live in, but the number of job opportunities, high average salary, and fast-growing economy make up for it. In addition, it is the central government of the country, the house of many museums and monuments, and not to mention, there are two prestigious universities in the city too - Georgetown and Howard University.
Economy
The city has one of the strongest economies in the country. It is the 2nd most active U.S. office market and foreign market. Since it is the house of the United States government and many international businesses, the capital and the cash flow are ever growing.
Job Opportunities
When you think of Washington, DC, people automatically think of politics. Of course, it is the leading career in the city, with over 175 embassies, numerous trade unions, and non-profit organizations. But the city also houses four companies that made it on the Fortune 500 list. Carlyle Group and FTI Consulting, to name a few.
The food and beverage industry is also a booming business in Washington, DC, alongside technology start-ups.
Real Estate in Washington, DC
In October 2021, the house prices have already gone up compared to last year. The prices are up by 4.7%. But on average, homes and properties sell as fast as 30 days. In October alone, there were over 800 houses sold. The house prices may be higher than usual, and the cost of living is also expensive, but Washington DC is bustling with opportunities and great education hubs.
The median price for home sale price is $706,500.
Real Estate Trends
Washington, DC’s real estate trends have finally slowed down after a year of non-stop buy and sell. According to Washingtonian, listings have decreased by 4% compared to August. The inventory of available homes is low compared to August of this year; there was a spike in new listings by 15%. Although the market has slowed down, it is still very competitive.
Final Thoughts
This city may rank third of the most expensive cities in the United States, but there are still many people looking to move in the city. The city has a lot of great universities, numerous job opportunities in different industries, and a wide range of attractions. The average salary is higher than most, too. So, if anyone is looking for career growth in politics or the like, then Washington, DC might just be the place to be.
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