What makes a good place to invest in real estate? It’s not just about the homes, after all. Really, the success of a real estate market is about the demand for homes and the drive behind that demand—job and population growth.
If you’re thinking of buying a home in the Washington, DC area, you’re in luck. With plenty of job growth and new residents flocking to the area, home values are predicted to keep rising, making it a great time to buy a home in DC.
Buy a Home in the Washington DC Area—It’s a Top Market!
It’s true, DC ranks among the best markets for buying a home! A recent study by Forbes analyzed over 300 markets and came up with the top 20 markets for investing. And the Washington Metro was among them.
Why Does DC Rank Among the Best Markets for Buying a Home?
The study was less focused on short-term performance of the market but instead considered mid and long-term growthpredictions, based largely on job and population growth, i.e. desirability for the area and likelihood of prolonged buyer demand.
The study compared data from five key metrics—1-year job growth, 3-year population growth, 1-year home price growth, current home affordability, and a 3-year pricing forecast. Naturally, DC performed highly in all of these categories.
How Does the Washington Metro Stack Up?
The area’s plethora of job opportunities and high job growth (3.9%) are a driving force behind the market. Though the average price of homes ($393,816) was a bit higher than that of other markets, its home growth forecast (11%) is steady, as is its population growth (3%) and recent home price growth (5%).
What Other Markets Compare?
DC is definitely one of the largest and most relevant top-performing markets. Other major cities that ranked among the Top 20 were Orlando, Boston, Atlanta, Nashville, Raleigh, Charlotte, and Minneapolis. Smaller cities, such as Provo and Ogden, UT and Springfield, MO tended to rank towards the top of the list due to their recent growth in both jobs and population, as well as their still-low price tags.
Are You Thinking of Buying a Home in DC?
If you’re considering buying a home in the Washington Metro area, then it’s time to contact S&G Realty. We’re here to help you explore the area, discover its beautiful neighborhoods, learn more about relocating to the DC metro, and find your perfect home.