DC Metro Area First-Time Homebuyer Report for April

The DC Metro Area is older the rest of USA, with a median age of 36. However, it happens to be the most affluent metro area in the country, with a median income of $83,140 per household. The three counties with the largest populations are Fairfax County, Montgomery County, and Prince George's County. The DC Metro Area market mostly consists of detached houses, accounting for 67% of the current homes in the area. Leading the list of top schools in the metro area are Takoma Park Elementary School, City Collegiate Pcs, and Ellington School of the Arts.

Culture

If you are interested in some outdoor fun, Foursquare says that Great Falls Park and Burke Lake Park are the most popular places in DC Metro Area. You might also try Steven F Udvar-Hazy Center and AMC Tysons Corner 16, a few popular destinations for entertainment. You could also try out the popular Coastal Flats, Sweetwater Tavern, and Ozzie's Good Eats if you dine out.

Price Range

The DC Metro Area has some of the more expensive homes in the country with a median home value of $329,100 and a current average list price of $445,812. The most expensive places to live are Falls Church City, Arlington County, and Fairfax County. A record 6,047 homes were sold in the DC Metro Area market over the last 30 days, which is a new high going back to January. This is a 2.7% jump and comes on top of an extended three-week steady increase in sales activity.

Wonder which homes are generating the most buzz? Here are the most viewed listings in the DC Metro Area:

$999K   $499K   $429K  

Typical Dwelling

A four-bedroom detached home valued around $524,318 is considered a typical dwelling in the DC Metro Area. If a buyer was looking for a similar home, they would need good credit and a $104,864 cash down payment to get a mortgage with a 3.95% interest rate. The monthly payments would be $1,850 and the property tax rate is $11.04 per $1,000 of taxable assessed value.

Get started right now by checking out DC Metro Area homes for sale or reviewing DC Metro Area real estate trends.


Data reported through 4/6/2017

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