Hottest US Real Estate Market? Washington DC

How hot is Washington, D.C.’s real estate market? Laura Schwartz, a realtor with Keller Williams, recently worked with a luxury high-rise apartment in the Ballston neighborhood of Arlington, Va. Two days after being listed, the property received five offers, and ultimately closed at $15,000 over the asking price.

“Our spring market has taken off quite early,” said Schwartz. “We’ve reached that stable point where we’re out of a buyer’s market.”

The nation’s capital has been a leader when it comes to real estate.

While much of the country’s housing market continues to languish, Washington and the surrounding area have seen tight inventory and price growth in recent months. For particularly competitive listings, even bidding wars have returned.

The D.C. Metro Area, defined as the city of Washington and seven surrounding counties, saw the average sales price rise five percent to $406,555 in December, compared to the previous year, according to research firm RealEstate Business Intelligence LLC (RBI).

Sales totaled 3,169 in December, up 89 percent compared to the previous year, and the total value of homes sold was $1.28 billion, up 12 percent from the previous year.

The federal government’s mass of workers has been a stabilizing factor for the region, providing a base of high-paying jobs. Related industries, such as government contractors, have also kept unemployment down. Tech firms have been growing, as well.

The Washington area had an unemployment rate of 5.5 percent in December 2011, the 36th lowest among 372 metro areas,

http://multihousingpro.com/article.php?AID=710&name=The_hottest_U.S._real_estate_market:_Washington,_D.C

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