Several recent measures of the U.S. housing market and economy show the Washington area doing relatively well compared to the rest of the nation. Although each analysis employs differing methodologies the results are the same: the local metropolitan area is a consistently strong performer.
- An analysis of the most recent U.S. Census data reveals Washington, DC is the fourth most affluent city in the country. The District is one of only three cities with more than 10% of households earning income in excess of $200,000 per year.
- A report from TheStreet.com using the most recent U.S. Census data from 2010 shows that 10 of the 15 richest counties in the nation are located in the Washington region; five are in Maryland and five are in Virginia. Loundon and Fairfax Counties in Virginia rank as the first and second richest counties in the country with the highest median household income. Howard County, MD comes in third.
- The S&P/Case-Shiller Home Price Index for December 2011, released today, shows a 1.6% decline in Washington area home prices from December 2010 -- compared to a drop of 4% nationwide.
- The S&P/Case-Shiller November Index, released January 31, 2012, showed that while home prices nationwide dropped 3.7% the Washington area remained the "healthiest housing market in the nation" with prices up 0.5% from November 2010. In addition, November's S&P Index reports DC area home prices have risen 3.1% from 2 years ago, and 2.5% from 3 years ago -- the only housing market in the nation to post increases in those time periods.
- The Clear Capital Market Report released February 9, 2012 reveals home prices nationwide showed a quarterly drop of 1.6% and a yearly decline of 2.6%. However, the company ranked the Washington-Arlington-Alexandria area as the third "Highest Performing Major Market" in the nation. By Clear Capital's methodology Washington area home prices rose 2.1% over the previous quarter and 1.9% over last year.
- CoreLogic's December Home Price Index released February 2, 2012 reports that, according to their research methodology, DC-Arlington-Alexandria home prices rose 2.4%. Nationwide home prices dropped 4.7%.
- RealEstate Business Intelligence (RBI), the research arm of local multiple listing service MRIS, shows the Washington area housing market improving over last year. According to RBI's methodology local prices rose an average of 1.4% from January 2010 - led by a 17.2% jump in Arlington alone; inventory is down 25.3% - lowest in 7 years; contracts are up 4.6%; and foreclosures are down 67.2%.
- In a report released January 5, 2012 real estate analytics firm Veros ranked the Washington-Arlington-Alexandria housing market third in the nation's "Projected Five Strongest Markets" with an expected growth rate of 2.9%.
- The latest report from The Federal Housing Finance Agency for fourth quarter 2011 also shows the local Washington housing market doing better than most. FHFA methodology reveals DC home prices rose 2.23% both year-over-year and quarter-over-quarter.
The latest Standard & Poor's/Case-Shiller Home Price Index reporting data through December 2011 shows a drop in Washington metropolitan *area* home prices:
- Washington area - prices showed a monthly drop of 1.2% from November to December and a decrease of 1.6% from December 2010.
- Nationwide - home prices showed a monthly drop of 3.8% from November to December and a decrease of 4% from December 2010.
When reviewing the data keep in mind:
- Report Date - These numbers are for December 2011. The S&P/Case-Shiller Home Price Indices are published on a two month lag to offset delays in sales price data from county deed recorders.
- Property Type - The index reports single-family/detached home prices only; condo and co-op sales statistics are not included in the analysis.
S&P methodology defines the Washington metropolitan area as including parts of three states and the District of Columbia:
- Washington, DC
- Maryland - Calvert, Charles, Frederick, Montgomery, and Prince Georges.
- Virginia - Alexandria City, Arlington, Clarke, Fairfax, Fairfax City, Falls Church City, Fauquier, Fredericksburg City, Loudoun, Manassas City, Manassas Park City, Prince William, Spotsylvania, Stafford, Warren.
- West Virginia - Jefferson.
For more specific sales statistics in your neighborhood search the database of RealEstate Business Intelligence (RBI). RBI is the research component of Metropolitan Regional Information Systems (MRIS) -- the Washington area's multiple listing service. Simply enter your zip code or neighborhood and get sales statistics instantly.
Popular PBS home renovation show This Old House has named H Street, NE named a "Best Old House Neighborhood".
"The neighborhood is known for its two-story brick rowhouses in the Federal, Colonial Revival, and Queen Anne styles. Due to its growing popularity, home prices have nearly doubled in the past two years, now ranging from $300,000 to $800,000, depending on condition."
"H Street renewal is expected to continue, thanks to housing and commercial developments slated for the next few years. City leaders are optimistic that the completion of a new streetcar line, which will link H Street to downtown in 2013 will create even more interest. In 2006, a historic 1938 movie theater reopened as the Atlas Performing Arts Center, now a centerpiece of the neighborhood's arts district."
Check out my latest DC area real estate newsletter for February 19-25, 2012. This week's reports include:
- Washington housing market favoring sellers.
- FHFA: DC home prices up 2.23% over last year.
- DC area ranked #1 and #2 in U.S. job growth.
- New mixed-use development throughout metro area.
For daily updates consult my Twitter feed. There you will find the latest information on Washington area real estate news including:
- market statistics
- sales figures
- development projects
- buyer/seller advice
As always I'm available for your questions.
I hope you're all enjoying what turned out to be a pretty nice weekend.
Welcome to the H Street Agent blog where I follow the latest and ongoing developments in DC area residential (and sometimes commercial) real estate. Here I provide the information that helps you understand our local Washington Area market, whether you're a consumer, buyer, seller, or real estate professional. News on Washington area sales statistics and the local development pipeline reveal what's really happening in the DC area.
For the latest updates between my blog posts please check out my Twitter feed @BenDursch.
