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Washington real estate market overview
- Average Monthly Rent: $2,327
- Home Price/Value Percentage Change: -4.10%
- Median Home Value: $627,314
- Best Time To Sell a Home: May
- Affordability Index: Low
- Days To Sell a House: 50
- Job Market: Fair
- Public School Ranking: 30
Location and weather
One of the most historically important cities in the US, Washington is home to the nation's capital. It is located on the famous Potomac River. The Washington metropolitan area is nearly 4000 square miles. Within that area are the nation's most treasured historical artifacts, memorials, parks, federal buildings and museums.
Famous for its cherry blossoms in the Spring and Museums with free entrance fees, Washington has the true feel of the political center of the US. Washington's warm season lasts from late May through mid-September with an average high temperature of 72% and lows in the 60's. The winter season is from early December to early March with an average high temperature of 52 degrees and low temperature in the high 20's.
Population, job market and cost of living
Washington's population in 2023 is 715,891 with an annual growth rate of 1.24%.
Job growth has decreased by -4.05% over last year. The ten-year predicted job growth rate is 33.74%. Not surprisingly, the Federal Government is one of the biggest employers. The largest industries are Professional, Scientific, & Technical Services and Public Administration. Major companies include US Department of Defense, Department of Homeland Security, US Navy, United States Department of Justice and USDA.
The cost of living is high due to the Washington real estate market with the high cost of housing. With it being the epicenter of American politics, history and culture, Washington will continue to attract tourists searching for iconic American history and residents who want to live there.
Washington real estate market details
- Mount Vernon Square
- Capitol Hill
- Georgetown
- Chinatown
- Columbia Heights
The average monthly rent in Washington is $2,327 for an average apartment size of 745 sq. feet.
There has been a -4.1% decrease in median home value over the last year. As of 2023, the median home value is $627,314.
On average, homes in Washington sell after 50 days on the market.
The best time to sell a home for the highest valued sale is during May. For the quickest sale, homeowners should sell in July.
The affordability index in Washington is 151. This number indicates low affordability in this city.
The top ranked public schools are Benjamin Banneker High School, School Without Walls High School, Janney Elementary School, Ross Elementary School and Lafayette Elementary School. This information is based on data measuring academic performance and equity.