Around the Nation -- Residential Real Estate Update - District of Columbia

By Jeff Adolph

State-by-state

With a total population of 572,059, Washington D.C is the capital of the United States and is a Federal government hub, with its economy revolving around this and media centers. This region is classed as a leading global real estate investment and is just behind London, New York and Paris.

The American capital uses 3 income tax brackets these being 4, 6 and 8.5%. Property tax is assessed on each $100 of property value and the rate taxed depends on the class your property falls in. There are 3 classes with class 1 being owner-occupied residences, which are taxed at the lowest rate.

DuPont

The median home price in this area hovers around the $425,000 mark with prices up by 5% compared to last year's figures. Buyers are getting 95-100% of their asking price and first time buyers are representing the area of greatest activity.

Typically, homes are selling between 60-90 days and job growth is the most predominant reason for purchases. This region is classed as a realty hotspot even though there are more sellers than buyers.

LGBT Real Estate Facts: The District of Columbia has some 3,678 same-sex couples residing within it, making it the 37th gayest state. The gayest zip codes in this region are 20009 DuPont/Logan, 20002 Eckington/Trinidad, 20003 Capitol Hill, and 20008 Woodley/Cleveland Park.

Main Story Source: House Hunt (2008) Real Estate Market Trends; available online at http://www.househunt.com

Picture Source: wikipedia.org and bbonline.com

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