Georgetown leads DC’s wild real estate market – Axios

December 13, 2021 by No Comments

Even as the entire D.C. real estate market continues to be competitive, Georgetown stands out from the rest. 

  • The area had the largest jump in median home price in 2021 according to Urban Turf.

Why it matters: The neighborhood with cobblestone streets and upscale shops has always been prestigious, but it continues to be desirable for wealthy homeowners, even as other parts of the District grow in popularity and draw in more visitors.

By the numbers: According to Bright MLS data, from January to October 33% of Georgetown homebuyers paid cash.

  • For reference, only 16% of homes in the entire District were bought from January to October with cash.

The staggering number of cash buyers is even more mind-boggling considering the median sold price for that same time period was $1.5 million, which is a 32% increase compared to 2020.

Be smart: “Our biggest challenge is inventory,” realtor Koki Adasi tells Axios. 

Some potential sellers, who’d be able to make large profits off of their homes, are holding off because they’re unable to find another place to live.

Yes, but: Georgetown isn’t the only neighborhood with sky-high housing prices and serious competition. 

  • Adasi says one of his clients put in an offer for a home in Cleveland Park that was $550,000 above asking, and still didn’t get the house because someone else paid more.

The bottom line: Georgetown’s pandemic market is still red hot, especially as low-interest rates and low inventory continue to fuel the perfect real estate storm.

Source: https://www.axios.com/local/washington-dc/2021/12/13/georgetown-dc-real-estate-expensive

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