Home Prices in DC Reduced by 25%! Potential DC Condo Buyers, Time to Act!
According to our friends at Trulia, almost 25 percent of the homes in DC and Maryland were reduced during February. DC actually reached 25 percent, while Maryland came in close behind at 24 percent. The data evaluated each state’s(as well as DC) real estate progress last month.
DC and Maryland were in the top five of home price reductions, joined by Arizona, Massachusetts, and Hawaii. While certain regions are clearly feeling the effects of price reductions, California certainly isn’t.
“Six major cities in California also occupy the lowest percent of current listings with price reductions out of the Top 50 national cities: San Francisco (16%), Sacramento (15%), San Diego (13%), Oakland (13%), San Jose (12%) and Fresno (12%),” Trulia’s report states.
See all the data of the Trulia report here.
Different neighborhoods in DC were affected by the price reductions in different ways.
“Within the District itself, certain zip codes appeared more impervious to listing reductions than others,” UrbanTurf writer Brett Widness wrote. ”The 20003 zip code, which encompasses part of Capitol Hill and the SE Waterfront saw 26 percent of listings cut prices, while Northwest’s 20007 (Georgetown, Glover Park, Palisades) saw sellers only reducing prices at a rate of 14 percent, so nearly half as often.”
Other areas of NW have been hit far harder. Check out this table of stats from Trulia via UrbanTurf:
“The 20008 zip code, which includes Woodley and Cleveland Park and parts of Dupont, showed the largest reduction by amount, with listings reduced by 19 percent,” Widness wrote. “This may indicate the continued weakness in the high-end market, as this zip code is known for its expensive homes.”
Take advantage of these price reductions! It is the perfect time to buy a DC condo, and we at CondoDomain DC have available units all over the city.
Search through our online marketplace and contact us with questions or to get a tour!
