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Homeowners and buyers alike in Washington, D.C. may be in for a bit of surprise due to recent changes in the city's housing market, The Washington Post reports.
During years of housing market turmoil, many of these players chose to hunker down and wait for the market to stabilize, but with the market looking up, many might be thinking it's time to make a move. According to the latest Standard & Poor's/Case-Shiller Home Price Index, the Washington, D.C. residential real estate sector experienced an improvement in home prices of 1.6 percent from July and 0.3 percent from August 2010.
"Inside the Beltway, it is somewhat balanced between a buyer's and a seller's market because there are fewer buyers out there and less inventory," local real estate agent Jamie Koppersmith told The Post.
In many sought-after neighborhoods in the District, properties are worth almost as much as they were between 2005 and 2007, and in August, median home prices reached 88 percent of their peak value. With stable home prices and low mortgage rates it may seem like a buyers market, but relatively equal supply and demand, has made the housing market much more competitive, says the news source.
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