The Washington, D.C. housing market has outperformed national real estate averages during recent years, and according to a recent report from the Washington Post, home prices in the district continued to improve in January.
The newspaper indicated that home prices inside the Beltway are back at levels recorded at the housing market's peak after remaining relatively unchanged on an annual basis, according to data from RB Intel. As a result, the median home price in the city was recorded at $375,000.
However, the areas surrounding the capital, including Southern Maryland and Northern Virginia, reported decreasing home prices, making the prospect of purchasing a home outside of Washington, D.C. much more affordable. Home prices in Northern Virginia are now 15 percent below where they were at the market's peak.
Buying a home for sale in Washington, D.C. could make for a healthy investment, as the local market continues to be a dominating force on the national stage. In addition, an improving job market in the area is causing a surge in the city's population, resulting in a spike in housing demand.