By J.P. Montalvan
As we look into our crystal ball and see the DC real estate market, Zillow looks at the supply side of home prices — an increase in home price cuts being a preliminary sign that the housing market may be shifting toward slightly toward buyers nationally. DC’s stats buck this trend.
We should look at the demand side as well. The DC metropolitan area (DMV) added 65,908 new residents last year, while starting construction on 27,265 homes. The Urban Institute projects the DMV’s population to grow from 6.2M (2017) to 7.4M (2030), and the Census Bureau shows housing starts are not keeping pace — 2018 housing starts have actually declined vs. 2017. Bottom line: More people, not enough homes.
While home price appreciation (even stagnation) varies neighborhood to neighborhood across the area, overall demand and supply forces show the DMV’s real estate market looks to be on a solid, upward trajectory.