Real Estate

Elderly D.C. residents are falling victim to housing scams

Illustration of a shadowy hand looming over three row houses.
Illustration: Brendan Lynch/Axios

Elderly Washingtonians are falling victim to predatory — and often unlicensed — investors, developers, and scammers looking to profit off of their homes.

Why it matters: Redevelopment efforts are leading to displacement and diminished opportunity for intergenerational wealth for some of the District's oldest residents, who are often Black.

What $600k gets you in 6 DMV neighborhoods

The outside of a white Victorian home that's been converted into condos with a tree out front.
Exterior shot of 1120 Rhode Island Ave. NW. Photo courtesy of Sean Shanahan

The median sale price in the D.C.-metro was $585,000 in the month of August, according to Greater Capital Area Association of Realtors data.

Half a million dollars is a lot of money, but it doesn't guarantee DMV buyers a lot of house, Paige writes.

Why it matters: The D.C. metro's housing market is still on fire thanks to historically low interest rates, low inventory, and high asking prices.

Paige Hopkins
Sep 28, 2021 - News

D.C. homebuyers beware: High prices ahead

Illustration of a gold-plated house-for-sale sign.
Illustration: Brendan Lynch/Axios

Recent housing data shows the D.C. market is still wild, Axios' Paige Hopkins reports.

Why it matters: Even with a slight increase in inventory, the market still hasn't settled back down to pre-pandemic levels, which makes it harder for homebuyers with tighter budgets who can't afford to offer above asking price or pay in cash.

Washington D.C.postcard

Get a free daily digest of the most important news in your backyard with Axios Washington D.C..