How is the 2021 Real Estate Market in DC?

Now that we’ve (finally) left 2020 behind, it’s time to look ahead to 2021 DC Market with clarity and confidence in what the local housing market has to offer. The best way to do that? With knowledge on your side. Luckily, our team has plenty of insight into the current market landscape — and they’re more than willing to share. So, whether you’re looking to sell, buy, or simply have no idea where to start, we’ve got you covered. Read on for the Jenn Smira Team’s take on what to expect from the DC real estate market this year.

What are the top 2-3 things a newcomer to DC should think about when looking to buy in the market this winter and spring?: If you’re looking to buy in DC anytime soon, one thing is certain: opportunity knocks. Sure, COVID may have impacted buyer demand over the past year, but now that the vaccine is on the way, it’s clear that impact is waning. So, whether you’re seeking a condo downtown or a single family home in DuPont, now is the time to negotiate your best offer—before competition to live in the city returns to pre-pandemic heights.

What are the homes selling fastest right now, and why?: Homes in places like AU Park/Tenleytown, Chevy Chase, DC, Cleveland Park, Woodley Park, Spring Valley, and Kent are selling at a rapid pace. Why? Because the many single-family, detached homes in these neighborhoods are perfect for buyers moving up or looking for more room—room to work from home, be outdoors, and grow—all without actually leaving the city behind.

What are a couple neighborhoods that might be overlooked and are best-kept secrets?: For starters, Colonial Village: a neighborhood that offers grand homes and plenty of space. Other standouts are Crestwood and 16th Street Heights, which are each worthy alternatives to the lofty Woodley Park with similar scale, great value, and space for your money. 

What’s the best strategy for finding great properties and not losing out to another bidder/homebuyer?: Ensuring your agent has the best search and networking tools at their disposal. For us, that means leveraging Coming Soon, Private Exclusives, and our team pipeline for our clients’ benefit. Together, these tools help us to find the latest properties—before they even hit the market. Beyond that, when buying, it’s essential to position your offer above others. In other words: what are you bringing to the table that other buyers aren’t? Our team helps buyers discern and maximize their unique differentiator through tactics such as limited/no contingencies, pre-offer inspections, personal letters to sellers, and various other creative strategies that we have in our arsenal.

Why is investing in a property in DC right now such a great idea?: The growth—without a doubt. Between the new Amazon headquarters and the ongoing developments at Union Market, Walter Reed, National Landing, and Buzzard Point, the private sector in DC is booming. If history is any indication, DC will continue to appreciate year-after-year—as evidenced by its fortitude in the wake of previous recessions. In short? The city is well-positioned not only to rebound from Covid, but to bounce back stronger than ever.