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Replies (3)
- Adriana Steel, "Adriana Steel"
- Contributions:17
Yes, absolutely. DC is not completely immune, but the absorbtion rates are better here than in most areas of the country. DC is one of the most stable markets in the world.
- icoleman1
- Contributions:3
You'll like this: about a month and a half ago, my Capitol Hill neighbor sold their house for $432,500. Until about 3-4 days ago Zillow had it estimated at around $340,000. Cyberhomes has its current value at $258,000.
The sales price of $432,500 is about $20k more than they paid for it last spring.
So, yes, a good house on Capitol Hill has so far been bulletproof. That's obviously not the case with "problem" houses, foreclosures, etc...
The sales price of $432,500 is about $20k more than they paid for it last spring.
So, yes, a good house on Capitol Hill has so far been bulletproof. That's obviously not the case with "problem" houses, foreclosures, etc...
- David Burnham, "drb116"
- Contributions:91
I am an agent who lives and works on thehill and from my experience, Capitol Hill has held up ok, but is not totally isolated from the effects.
Hill homes held up relatively well over the last couple of years as energy costs tended to push people towards smaller, closer in homes. Capitol Hill in particular offers good value for people starting families.
This year has been a little different. Between the first time home buyers credit and the government buying agency debt, the homes that have benefitted tended to be homes below the conforming limit. This has helped the edges of the hill, but the homes in closer to the Capitol have seen some home price decline over the past few months. With inventory levels getting lower and confidence building, this trend has started to reverse over the last month.
When you put it into perspective, Capitol Hill has probably declined 10-15% peak to trough, while some of the suburbs like Prince Georges, MD, and Prince William, VA have seen more like a 40% decline, peak to trough.
Hill homes held up relatively well over the last couple of years as energy costs tended to push people towards smaller, closer in homes. Capitol Hill in particular offers good value for people starting families.
This year has been a little different. Between the first time home buyers credit and the government buying agency debt, the homes that have benefitted tended to be homes below the conforming limit. This has helped the edges of the hill, but the homes in closer to the Capitol have seen some home price decline over the past few months. With inventory levels getting lower and confidence building, this trend has started to reverse over the last month.
When you put it into perspective, Capitol Hill has probably declined 10-15% peak to trough, while some of the suburbs like Prince Georges, MD, and Prince William, VA have seen more like a 40% decline, peak to trough.
Is the Hill insulated from the "housing crunch?"
Government is not getting smaller, land is a scarce resource... is the Hill (and DC in general) better off then most of the U.S. in the area of housing values?
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