The Washington D.C. real estate market has been a high-priced, competitive market for decades, and it is showing no signs of slowing. Though property sales cooled a little in early 2014, because of higher interest rates and more restrictive lending practices, it has picked back up again with the sudden decline in interest rates in the last quarter of the year.
The Washington Post published an article of the ten hottest neighborhoods in D.C., which was based on data compiled by MRIS. Their criteria were sales-based, focusing on the lowest median number of days homes were on the market by neighborhood.
Here are the five hottest neighborhoods in Washington D.C.:
1. Takoma D.C. in Northwest, seven days on market, $380,000. This centrally located community with an easy commute boasts some of the most affordable real estate deals in the area.
2. Wakefield in Northwest, seven days, $532,500. One of D.C.’s hottest neighborhoods in terms of price as well; the median home price has jumped over 50 percent in the last year.
3. Rhode Island Avenue in Northeast, eight days, $267,450. With recent development and redevelopment projects, this walkable community is one of the best values in the area.
4. Chevy Chase in Northwest, eight days, $930,000. The suburb that gives the best of both worlds, city convenience and a suburban feel with plenty of green space, Chevy Chase remains popular, but also remains very expensive.
5. Mount Pleasant in Northwest, nine days, $620,000. Mainly row houses and condos, this neighborhood is convenient to 18th street and many restaurants and shop.