Owning property is a great investment for the future. However, when deciding on what kind of property to invest in, there are a lot of options. You have to decide on the type of property and the location, and condominiums are a great option.
If you’re looking to invest in a condo, you need to be looking at Washington, DC. Read on to find out why Washington, DC condos are a great investment, and how to find the DC condo of your dreams.
Washington, DC is a great place to invest in property no matter the housing type. This is because property values are on the rise in Washington, DC.
Average sale prices have been increasing dramatically, and in the last few years, the prices have been rising at a consistent rate. The number of properties sold has also seen a huge increase. If you’re looking for a property to keep for a few years and then sell at a profit, Washington, DC is definitely the place for you.
The History of the City
You can make arguments about the property values of many different cities in the United States, and many cities do have a similar increase in property value. However, no other city has the historical significance of Washington, DC.
This city has a rich history as the capital of the United States, and that history is shown in the many buildings around the city. When you’re investing in Washington, DC, you’re investing in the history of our country, and historically significant buildings are everywhere.
When looking for cities to invest in property, you don’t just want to look at property value growth. You also want to look at population growth. Luckily for you, Washington, DC has the best of both worlds.
Washington, DC has increased its population every single year for the past 14 years. Since 2010, the population has grown by over 105,000 people. More people means more demand for property, which in turn makes property value and rent prices go up. It’s truly a great time to invest in real estate.
When it comes to Washington, DC, you have plenty of quality neighborhoods to choose from, based on what you want out of your property. Choosing a neighborhood can be almost as important as choosing your city.
Park View is a great option for those looking for the charm of an original building while taking advantage of modern amenities. The neighborhood is undergoing a huge boom, and charming old townhouses are being renovated and transformed into beautiful modern condominiums on the inside while still maintaining the old city feel on the outside. The neighborhood is bustling, and it’s a great place for those that want to use a condominium as a rental property or invest for years to come.
Another neighborhood to watch is Union Market, an area that is currently undergoing a huge commercial transformation from a rundown area filled with wholesale markets to a neighborhood full of restaurants and bars. This is a place where real estate is growing, but you might need to do your own renovations. However, the upside potential of investing in a neighborhood like Union Market is huge.
Even though we love Washington, DC for its rich history and beautiful, original buildings, if you’re looking to invest in new construction the city has got you covered there as well.
The city is growing, and as it does, empty space is going to get filled. New buildings and centers of commerce are going up and as they do, so will new condominiums in DC.
A great example of one of these new developments is the Entertainment and Sports Arena (ESA) which opened in 2019 in the Congress Heights neighborhood and brought a slew of new developments. The arena hosts games for the WNBA Washington Mystics, as well as many other concerts and events, and real estate is booming in the area as a result.
An older example of this is the Navy Yard neighborhood, which underwent a transformation similar to Congress Heights years ago after the baseball stadium was built there. The neighborhood continues to grow to this day, as condos and entertainment areas are popping up all over the neighborhood.
If you’re looking for luxury in your real estate investment, Washington, DC has plenty of options. While there are plenty of good cities to invest in real estate both on the east coast and across the country, few of them have the luxury options that you’ll find in Washington, DC.
While property values across the board have increased in DC, they’ve done so astronomically in the luxury sector. The city now ranks second on the east coast for million-dollar homes, and many of these are luxury condos. In fact, even Amazon CEO Jeff Bezos owns a multi-million dollar mansion in Washington, DC.
Invest in Washington, DC Condos Today
Now that you know why Washington, DC is one of the best cities to invest in real estate right now, it’s time to make that investment dream a reality. Luckily, the best place to find Washington, DC condos is right at your fingertips.
ClearCondos makes it easy to find condos in Washington, DC, whether you’re looking for a long-term investment, a quick turnaround, or a reliable rental property. You can search by neighborhood and get expert advice every step of the way. Your Washington, DC real estate investment journey starts here.