Buying a home in a city generally costs more and gets less than the suburbs, and that holds true for D.C.
The National Association of Realtors analyzed sales in 2019 in the District and neighboring Montgomery County, Maryland, to show the difference between the typical homebuyer in each market.
In short, D.C. buyers are younger, make more money, spend more and settle for smaller homes.
“Nearly 50% of sales in the District were apartments, and more than 50% of the sales in Montgomery County were single family homes. As a result, the size of a typical home that sold in the District was about 1,600 square feet, compared to 2,300 square feet in Montgomery County,” said Nadia Evangelou, senior economist and director of forecasting for the National Association of Realtors in D.C.
The typical sale in D.C. last year was a two-bedroom condo or row house, compared to a three-bedroom home in Montgomery County.
A yard is a luxury for more buyers in the District. In 2019, only 16% of residential sales in D.C. were single-family homes.
Like most city buyers, those in D.C. tend to be younger and well-paid.
“The typical homebuyer in the District is 38 years old and [has an average household income] of about $143,000. In contrast, the typical homebuyer in Montgomery County is 43 years old with [an average household income] of about $128,000,” Evangelou told WTOP.
The median value of a home in D.C. in 2019 was $635,000, according to the NAR, compared to $494,000 in Montgomery County, though homes outside of the District aren’t always less expensive, with median prices in Arlington County now topping D.C.
D.C. buyers also don’t stay put as long as suburban home buyers, with the typical owner selling their home two years sooner.
The NAR has posted its research online.
