Washington D.C. is the fourth most valuable housing market in the country according to a recent report published by Zillow. The area’s healthy housing market has been noticed by the country’s leading real estate experts and ranked within the top ten most valuable housing markets in the country. The worth of the capital’s housing market is only surpassed by three other cities. As to be expected, Los Angeles is ranked the number one most valuable housing market in the United States, closely followed by New York City and San Francisco. Miami, Chicago, Boston, San Jose, San Diego, and Philadelphia make up the rest of the list (in descending order).
The report states that the total value of all homes in America is worth more than the combined GDP of China and the United States, roughly $25 trillion. It compares the wealth of Bill Gates — the country’s wealthiest citizen — to the value of our nation’s housing markets, concluding that Gates would have to pool all of his money (close to $84 billion) with the rest of our country’s richest citizens to buy every home in the U.S. What’s more, the value of homes in America is only expected to increase in 2017. Though the report doesn’t specifically predict whether homes in D.C. will go up in value this year, it does call for an increase in the total, combined value of all U.S. homes. By the end of 2017, the total value of all U.S. housing markets is expected to reach nearly $30 trillion.
When narrowing the scope of this analysis to just our area, the projected value of every home in the D.C. metro area combined amounts to just under a trillion dollars. To comprehend that large of a sum, compare it to the cost of the most expensive car ever sold at auction: a 1963 Ferrari 250 GTO, worth a fraction more than $38 million. That means that the total value of the D.C. housing market is equal to 26,000 of these cars, if that many of them even existed. That is an incredible amount of money and just goes to show that buying a home in the capital can be an amazing investment.
Not only is the D.C. metro area one of the best cities to build wealth, but it also has one of the most valuable and thriving housing markets too. Couple that with top ranked public schools and having one of the best economies in the country, and you’ve found one of the best places to live in the United States. D.C. has it all in terms of diversity, culture, and history as well — what more could a buyer ask for?
If you’re interested in buying a home in the D.C. metro area, look no further than the best real estate team in the DMV, the Keri Shull Team. We know what it takes to buy a home in a hot market, even if it comes down to a bidding war. Work with the best to get the best results, and don’t miss out on a chance to be a part of one of the hottest housing markets in the country. Contact us today to get started!