July's First-Time Homebuyer Report for DC Metro Area

With a 16.4% increase over the last 10 years, the population of the DC Metro Area is growing slower than other parts of the country. Also, with 5,582,170 residents, it is the eighth-most populated metro area in USA. Fairfax County, Montgomery County, and Prince George's County are the three largest counties in terms of population. Homes in the DC Metro Area are relatively old with a median age of 32 years. The best schools in the metro area are Takoma Park Elementary School, City Collegiate Pcs, and Ellington School of the Arts.

Culture

According to Foursquare, if shopping is your thing, you might enjoy Tysons Corner Center, Fair Oaks Mall, and Tysons Galleria. You might also try Great Falls Park and Billy Goat Trail, a few popular places to experience the outdoors. And finally, Steven F Udvar-Hazy Center and AMC Tysons Corner 16 are frequently visited spots for entertainment.

Price Range

The median value of homes in the DC Metro Area is $329,100, making it one of the most valuable areas in USA. At the same time, the average list price of available homes is presently $434,014. The DC Metro Area market pulled back this week but remained above average levels as sales fell 4.6% to 8,600 homes sold over the last 30 days.

Typical Dwelling

The typical dwelling in the DC Metro Area is a four-bedroom detached home worth about $531,024. To purchase a similar home, a buyer with good credit and a $106,205 cash down payment could obtain a mortgage with a 3.95% interest rate and a $1,973 monthly payment. 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 7/20/2017

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