Real Estate

D.C.'s Black homeownership rates have stagnated

Data: National Association of Realtors analysis of U.S. Census Bureau data. Note: Includes those who reported only one race. Chart: Axios Visuals

Through the lows of the 2008 housing crisis and Great Recession, to the highs of the booming 2020 real estate market, the percentage of new Black homebuyers in the D.C. area has remained relatively unchanged, according to census data analyzed by the National Association of Realtors.

Why it matters: The D.C. region has roughly double the rate of Black residents than the U.S. as a whole, but lagging Black homeownership indicates persistent systemic barriers. 

Cuneyt Dil
Jan 6, 2023 - Real Estate

3 D.C.-area developments to watch in 2023

The pedestrian walkway surrounded by shops and buildings

A pedestrian-friendly walkway planned at The Yards is set to open in phases. Photo courtesy Brookfield

The first Amazon buildings in Washington are coming soon, along with trendy office-to-apartment turnovers and a new waterfront development in Navy Yard. 

Why it matters: By the end of the year, our cityscape will (once again) look and feel different. 

D.C.'s housing market comes back to Earth in 2023

Illustration of the year 2022, with a keyhole for a zero, which zooms in so you can see through the keyhole to the year 2023.

Illustration: Brendan Lynch/Axios

Higher interest rates will cause the housing market to continue its cool down in 2023, following the trend we've seen in recent months.

Why it matters: Buyers and sellers will find themselves on a more even playing field as D.C.’s market nears more balanced pre-pandemic conditions.

What to expect: A “reset of expectations,” says Harrison Beacher of the Greater Capital Area Association of Realtors, as everyone accepts that the intense bidding wars we saw early in the pandemic are a thing of the past.

  • High interest rates will mean less competition as fewer homebuyers enter the market. As a result, homes will continue to take longer to sell, giving buyers more time to make decisions.
  • Sellers will try to stay competitive through moderate price reductions, and being more open to negotiation, TTR Sotheby’s International Realty senior vice president Maxwell Rabin tells Axios.
  • More homes are expected to come on the market in the next few months, but the region will still have a low-inventory problem.

Between the lines: The 2023 landscape is a return to normal that not everyone wants. Buyers are longing for low interest rates, and sellers are kicking themselves for missing the early pandemic frenzy.

Be smart: Some buyers are waiting for interest rates to go down before they start their home search. “That’s not necessarily going to be the most advantageous strategy,” says Zillow senior economist Nicole Bachaud. “If you’re trying to wait for the best market, you’re going to be waiting for a really competitive market again.” 

  • Rabin says sellers shouldn’t expect “to get what someone else got for the same type of product a year ago. It’s just not going to happen.”

The bottom line: This year’s market will be more stable, Bachaud says, giving buyers and sellers more time to plan ahead with the confidence that conditions aren’t expected to significantly change.

These celebrities bought DMV homes in 2022

Illustration of a front door to a house with a door knocker and the number 2022 on it.

Illustration: Brendan Lynch/Axios

The D.C. area had a roller coaster of a real estate year, but that didn't stop these famous locals from closing on luxury homes in 2022.

  • We combed Washingtonian and Washington Business Journal for the real estate transactions of bold-faced names. Here’s who bought in our area this year. 

Hot homes: 5 D.C.-area homes for sale starting at $725,000

9723 Meyer Point Dr. Photo: courtesy of Marty Welsh

This week's hot homes roundup features a charmer in Mt. Rainier, a Georgian estate in Potomac, and a Dupont Circle alley house with a retro London-style phone booth.

Hot homes: 5 D.C.-area homes for sale starting at $449k

645 Maryland Ave. NE #101. Photo: courtesy of Delia McCormick

This week's hot homes roundup features five roomy properties priced from $449,000 to $2.19 million.

This D.C. houseboat is selling for $199K at The Wharf

The houseboat for sale at the Wharf.

Photo: Raul Rivero

A liveable home in D.C. for under $200,000 is almost unheard of, especially at The Wharf. But right now there’s a renovated one-bedroom, one-bathroom for sale for $199K.

Just one catch: It’s on the water, literally.

Hot homes: 5 D.C.-area homes for sale starting at $645k

6817 Delaware St. Photo courtesy of Gali Sapir

This week's hot homes roundup features five roomy properties priced from $645,000 to $4.69 million.

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