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DC home prices for May were officially just shy of $600,000, for May the median was $599,000. Home prices in the city just keep getting higher and higher with no end in sight judging by the dominance of $1M+ homes on the market. Is this sustainable or are we in bubble territory? Should we just except the fact that the city WILL continue to get more expensive?
DC home prices for May were officially just shy of $600,000, for May the median was $599,000. Home prices in the city just keep getting higher and higher with no end in sight judging by the dominance of $1M+ homes on the market. Is this sustainable or are we in bubble territory? Should we just except the fact that the city WILL continue to get more expensive?
I don't think we are in a bubble. There is a premium on not sitting in your car one to two hours each way to work, and having entertainment, museums, sports, and restaurants walking distance in many cases. I have seen this "are we in a bubble?" question pop up at least as long as I was looking at real estate and became a homeowner back in the early 2000's. I don't think things will increase to infinity, but given the constant demand that people have to live in DC, I don't see price increases slowing down.
I expect the city to become more expensive. And I don't see any real conclusive evidence that we are going into any sort of correction or things will come crashing down, where we'll be back to 2002 prices and cost of living.
I don't think we are in a bubble. There is a premium on not sitting in your car one to two hours each way to work, and having entertainment, museums, sports, and restaurants walking distance in many cases. I have seen this "are we in a bubble?" question pop up at least as long as I was looking at real estate and became a homeowner back in the early 2000's. I don't think things will increase to infinity, but given the constant demand that people have to live in DC, I don't see price increases slowing down.
I expect the city to become more expensive. And I don't see any real conclusive evidence that we are going into any sort of correction or things will come crashing down, where we'll be back to 2002 prices and cost of living.
I agree. The truth is, this area has expanded so much the past 10 years. Gone are the days of DC being called "Murder City of the US. Gentrification is here and DC is being built up in ways it hasn't been in probably a century. So, I only expect the housing market to increase in value. Not only in DC proper, but the surrounding area.
The DC of 1995 is not the DC of 2017. You pay a premium to not sit in traffic and to be walking distance to your job, to entertainment, museums, sports, etc.
DC home prices for May were officially just shy of $600,000, for May the median was $599,000. Home prices in the city just keep getting higher and higher with no end in sight judging by the dominance of $1M+ homes on the market. Is this sustainable or are we in bubble territory? Should we just except the fact that the city WILL continue to get more expensive?
Not just the city, and not just the metro. Maryland and Virginia also continue to get more expensive. As long as there's money to spend, prices are going to increase.
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