Washington, DC real estate and demographic information

About Washington

District of Columbia Neighborhoods

From the New England named streets of Dupont Circle lined with historic mansions (and the famous Kramer's Books) to the former tobacco port of Georgetown, Washington, D.C. has many unique neighborhoods to explore.

Washington, D.C. is built along the banks of the Potomac River on drained swampland, and encircled by Maryland to the north and Virginia to the south on land that was originally part of Maryland. Part of Washington D.C. was also originally provided by Virginia but was taken back by Virginia during the Civil War, and is now known as Alexandria, VA.

No one can escape the beauty of Washington D.C.'s building architecture, most of which house government agencies and historic monuments that line the Capitol's streets. But Washington D.C. real estate has much more to offer residents and neighbors than the must-see government attractions such as the nation's Capitol Building, the White House, and the Lincoln Memorial.

In order to experience the flavor of D.C., you need to do it on foot. Walk past the brick row houses that line the streets, eat at a corner restaurant and visit the fun social places such as Madam's Organ, a blues bar in Adams Morgan neighborhood, or Perry's, which sits atop an Adams Morgan roof.

Georgetown, one of Washington D.C.'s most popular neighborhoods, was predominantly made up of African Americans from 1776 to the 1930s. But once the area was taken over by the administration of President Franklin D. Roosevelt, the African American population moved away.

Today, the Georgetown neighborhood is loaded with some of the best entertainment in Washington, and of course is home to Georgetown University.

At one time Dupont Circle was made of fields and marshland. Today, it is the place to visit and live if you like diversity. Filled with ethnic restaurants, quirky shops and art galleries, Dupont Circle attracts many visitors. At one time the Circle became an area for socialites, the rich and the powerful. Palatial mansions with exquisite architecture were built to the specifications of Washington's rich families. Today, those same buildings house embassies, museums and social clubs.

Foggy Bottom, the neighborhood with a very unusual name, was once home to what little industry Washington, D.C. had. Named for its salty marshes along the Potomac River, Foggy Bottom was the setting for glass manufacturing and breweries. Once populated by German, Irish and African American workers, the neighborhood today is flooded with college students from George Washington University, employees from the nearby headquarters of the World Bank and the Pan American Health Organization, and artists performing at the John F. Kennedy Center for Performing Arts.

D.C. Economy

The D.C. area has one of the strongest economies in the nation fueled by the steady employment provided by being the seat of government for the richest nation in the world. The area has generated more jobs in the past six years than any metro area in the nation. Most of the labor force works in - you guessed it - government jobs. The second largest employment is in business and professional services. The increased job growth has provided the D.C. area with a robust real estate market. The median family income in D.C. as of 2004 was $54,193.

D.C. Real Estate Information

Having more than a dozen unique neighborhoods only a Metro (subway) ride away does not come without a heavy price tag to residents. A bustling business climate coupled with vibrant, unique neighborhoods, keeps the D.C. real estate market very competitive.

The strong economy has resulted in doubled home prices between 2000 and 2006, and an ever increasing expansion of suburbs encircling the city in Maryland and Virginia, as people move further away to find affordable real estate, yet still commute into Washington D.C. or its inner suburbs. The excess demand for houses is a result of the number of new jobs in the area.

In 2005, the best offer on a home was not the offer of paying full-price, being pre-approved and putting 20 percent down. The best offer on a home was $10,000 to $30,000 above asking price, 20 percent down, and a waiver of inspection and other contingencies. Bidding wars and free cars are no longer part of the D.C. real estate frenzy but the housing market is still strong and vacancy rates remain low.

The asking prices for homes (primarily condominiums) in Dupont Circle average $425,000 and in Mount Pleasant and Columbia Heights the average home is $650,000. The average home price in 2006 for a home in the D.C. Metro area was $545,000, up from a median home price of $482,000 in 2005 and $357,954 in 2004.

Washington D.C. Demographics and Population

A recent population estimate shows 582,049 people live in the D.C. area. Of that population, 54 percent of people are black and 39 percent are white. The city is heavily populated with diverse cultures and foreign born individuals who attend the colleges and universities in D.C. and work in the more than 175 embassies and international agencies. During the day, the population skyrockets as an influx of more than 410,000 people living outside D.C. commute to the area for work, increasing the population by 72 percent.