Smaller DC Homes Out Gaining Larger Homes in Pricing
Giving reasons for the current trend of smaller DC homes outpacing larger ones.
It’s logical to think that the larger a home, the more it will cost. However, new studies have shown that smaller homes in DC are gaining more quickly in price that that of their larger counterparts.
The main contributor to this trend is that these smaller homes are located in areas which are more popular. These are areas that are close to downtown with full access to restaurants, retail stores, and public transportation.
Many of these smaller homes are also condos which come with an assortment of amenities. Sound proof music rooms and swimming pools are just a couple of luxuries that these homes are providing. Pair that with lower utility costs, and you can see why these smaller units are becoming more attractive and therefore more expensive.
The final driver pushing this trend is a reality that DC real estate has been dealing with for the past five years. The number of listings have decreased by 27% over that time period and sellers know it. They are not afraid to capitalize on this fact and push buyers to spend at higher rates even for smaller homes.
This magnifies the importance of working with a real estate agent who understands the market and the fair value of homes, regardless of its size. Get in touch with me today if you have any questions about home costs in DC. I’ll be able to provide you with the support you need to make a sensible bid on the home of your dreams.