The Washington DC real estate market was ranked in the top 10 areas to watch in 2011 as reported by Inman News. The area was also one of 3 in the country to post increases in real estate value. The area’s median home price rose 8.1% from 4th quarter 2009 to 4th quarter 2010 according to the National Association of Realtors. Considering the median home price is nearly twice that of the country’s median, nearly 79% of homes were affordable to families making the median income in the 4th quarter 2010, according to statistics from the National Assn. of Home Builders and Wells Fargo. The Northern Virginia area was ranked in the top 10 fastest rising median prices in 2010.
Washington DC has a rising population and a higher than average in-migration from other states. According to migration patterns studied by Atlas Van Lines, Washington DC along with nine other states saw more inbound cross-state household relocations than outbound relocations in 2010.
The market area delinquency rate fell at the end of 2010 compared to the same period in 2009. Distressed sales have remained steady at about 30% of overall sales according to Core Logic. Foreclosure activity fell 22% in 2010 according to Realty Trac. While mortgage loan interest rates remain low, and values may be rising, the prospects for both sellers and buyers appear optimistic.