HOUSINGNEWS REPORT
WILL AMAZON SAVE THE SWAMP?
WASHINGTON-AREA CASH SALES SHARE
D.C. METRO AREA
DISTRICT OF COLUMBIA
NORTHERN VIRGINIA
MONTGOMERY COUNTY, MARYLAND
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017 YTD 2018
said consumers are now willing to go to other areas further from the capital.
“Washington has a housing market where the demand for housing is harder to measure because so much of the population is transient. As for the homebuying market, the more expensive homes in the $800,000 plus category, a significant portion is purchased with foreign money. We have a lot more than most markets because we have 180 foreign consulates here.
“It’s a challenge and an opportunity for us if we’re willing to build in the fringe neighborhoods and offer everything buyers are looking for,” he said. “Then we’re able to attract buyers from all across the city. Affordability is still driving many of these decisions.” Additionally, there is new residential construction going up around the metro stations, particularly the new silver line that will service Dulles International Airport. High rise residential development is planned for Tysons Corner in Fairfax County, Virginia, and there is plenty of residential already built and being built around the Reston town center in Reston, Virginia.
STEPHEN FULLER DIRECTOR, STEPHEN S. FULLER INSTITUTE FOR RESEARCH, GEORGE MASON UNIVERSITY.
In order to draw millennials and young professionals away from the District,
17
MAY 2018 | ATTOM DATA SOLUTIONS
Made with FlippingBook Online newsletter