After a year of economic ups and downs and plenty of political uncertainty, 2016 ended up a relatively calm year for Washington’s real estate market. Plenty of individual neighborhoods in our area saw significant swings, but overall we continued to see strong levels of activity that is well balanced between buyers and sellers throughout the region.
With an ongoing lack of affordable housing, 2017 may continue to see Washington’s low-wage workers migrating out of the city in search of affordable homes. As those workers leave, they are replaced by middle- and higher-income workers moving into these luxury high-rises as well as the more expensive, less available homes currently on the market. This trend is causing some concern and will be one to watch for its impact on our neighborhoods and the market itself. We’ll also keep an eye on the boomers this year. As their home equity increases, many in this generation are anticipated to move, sometimes to new markets.
As a new era in Washington begins, here are a few trends we can expect to see in 2017: