> MCR City Report
Dupont Area Helps Sustain Five-Year Washington, DC Seller's Market
by Blanche Evans
One of the most sought-after neighborhoods in Washington, D.C., Dupont has historical and new properties for the most in-demand urban lifestyle. "Cafes, restaurants, museums, and art galleries abound," says Realtor Tony Borgia. "Grand Victorian brownstones, row houses, condos, co-ops, and rental buildings can be found here." About the market, Borgia suggests, "Since 1999, the real estate market in Washington, D.C. has been described as a 'strong seller's market.' This trend is fueled by the low interest rates, and the rebirth of our Capital city as a cultural and architectural wonder. Single-family homes, condominiums, and cooperatives priced in the range of $300,000 to $1,000,000 are not on the market very long if they show well and are in good locations. Moreover, many buyers are confronted with the 'multiple offer' situation which motivates buyers to purchase considerably over the asking price." Says Realtor Jose Burrello, "In the month of January for Dupont, 27 homes sold at an average sales price of $496,800, with an average 59 days on the market." |
