Washington, DC 20006 housing market

What this means

• Valuation. Prices are roughly in line with local incomes (−4% vs. this area's pre-2020 price-to-income norm).
• Prices. Home values are down 6.4% over the past year (U.S.: +1.2%), 14% below their 2022-23 peak.
• Supply. There are 350% more homes for sale than the 2017-19 norm and rising (+100% vs. a year ago), so buyers have more to choose from than before the pandemic.
• Negotiating. Buyer leverage is high (91/100; U.S.: 54): homes sell for about 2.8% below their final list price; 29% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 46% of the median household income (U.S.: 35%); it takes about $54k a year to keep the payment at 30% of gross pay. That includes about $792 a year for home insurance (U.S.: $1,790).
• Buy vs. rent. Buying costs about $631/mo less than renting a typical home (mortgage payment vs. typical rent).
• Disaster risk. FEMA expects about $23 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding.
• Outlook. No clear direction: likely −10% to +7% over the next 12 months (47% chance of a rise).

Next 12 months

No clear direction

A fall is somewhat more likely than a rise, but not by enough to call. Likely change: −9.6% to +6.7% (80% range; middle estimate −0.3%), chance of a rise 47%, of a 5%+ drop 23%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

Other ZIP codes in District of Columbia, DC