DC’s Housing Market Still Strong

There’s good news and bad news in real estate these days, but if you’re in the immediate area around Washington, the news is mostly good. The Case-Shiller Index, published by Standard & Poor’s and considered the most accurate report of home values both across the country and within 20 major metropolitan regions, showed Washington to be the strongest market in the U.S., with values increasing 3 percent from March to April and up 4 percent from April of last year. And, while values nationwide are down nearly 4 percent compared to April of last year, they were up from March .7 percent.

Thirteen of the 20 city areas tracked increased in value from last year (compared to only one — Washington — that had increased values as of the last report in December), but six areas showed the lowest values in four years, including Chicago, Miami, Tampa, Detroit, Las Vegas and Charlotte, N.C.

What does all this mean? It’s clearly a difficult fortune to read for the country as a whole, but as a D.C. Realtor, I can only see an optimistic outlook for our region. The combination here of a high median income, relatively low unemployment and a well-educated population makes for a strong market and will continue to do so in the future.

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