The D.C. Metro area is home to many young professionals who flock here for its thriving job market, stable property values, cultural offerings and diverse community. In fact, D.C. is ranked second among cities best suited for millennials in the U.S, according to a recent survey by American University.
Housing demand in the D.C. area has surged to accommodate the influx of millennials who are opting to purchase condos in the city’s core and upcoming neighborhoods. Demand for condos is at a three year-high in all three sub-markets of the DMV according to research firm, Delta Associates. Developers are struggling to keep pace and while prices have plateaued presently, they are expected to rise as inventory is depleted. All signs indicate that it makes sense to invest in a condo now.
The following are some of the most exciting neighborhoods and condo markets in the area based on inventory, current market value, anticipated appreciation and overall attractiveness to the lifestyles of millennials:Southwest Waterfront, D.C.
Median condo value: $396,100
Situated at the confluence of the Potomac and the Anacostia Rivers, SW Waterfront is the cornerstone of D.C.’s revitalization efforts. The Wharf is the long-anticipated riverfront retail, dining and entertainment complex with water access and close proximity to Capitol Hill and downtown D.C. Nearly 45% of residents rely on public transportation (bikeshare, bus and the Waterfront metro station).
Southwest has affordable studio and one-bedroom condos as well as high-end, deluxe loft-style condos with intelligent amenities and unique floor plans. Some of these condo developments are a block away from the Waterfront Metro station and have shown a 16% rise in median sales price already. Converted constructions are available at a lower price. HOA fees varies from $400 to $ 2000 per month. Most new constructions are pet-friendly.
Median condo value: $464,000
Fairfax County’s central business district and commercial hub, Tysons was once known only for its shopping malls but is now a burgeoning metropolis. A concentration of large corporate headquarters like Capital One, Hilton and Booz Allen Hamilton and upcoming projects are expected to create more than 200,000 jobs for local residents, according to a news report in WTOP.
Tysons is poised to become a millennial magnet with the area’s hottest-selling condos slated for release this year and five separate retail and dining communities in development. These are expected to boost the area’s nightlife, which has been lacking in the former bedroom community.
Presently, the Metro’s Silver Line connects Tysons with Virginia, D.C., and Maryland. Further extension to Washington Dulles International Airport will be completed by 2020 which is expected to propel home prices higher.
North Arlington, VA
Median condo value: $654,900
Home to some of the country’s most affluent and politically-minded millennials, Arlington (specifically, the Wilson Boulevard stretch from Rosslyn to Ballston) is bursting with ethnic restaurants, trendy bars, national retail chains and yoga studios. Enjoying these are the highest percentage of single residents (nearly 70%) among counties in the DMV.
Deloitte, Accenture, Lockheed Martin and recently Nestle’, are just some of the Fortune 500 companies housed in Arlington, although the federal government and the area’s burgeoning cybersecurity industry are also top employers.
Arlington provides a diverse inventory of condo styles ranging from townhome-style to high rise studios. And the blocks off of Wilson Boulevard are filled with post-war single-family homes ranging widely in price and condition.
Arlington has more than 100 miles of on-street and paved off-road bicycle and walking trails. In fact, Arlington was awarded Silver ranking for its bike infrastructure by the league of American bicyclists. The region is traversed by two interstate highways and served by the Orange, Blue, Yellow and Silver lines of the Washington Metro. The county’s efficient urban planning is considered a model by expert planners.
North Bethesda, MD
Median condo value: $464,000
A sleepy suburb before the Red Line of the Metro was extended, North Bethesda’s dense commercial and residential development was recently recognized on Forbes’ 2017 list of “Best Cities for Young Professionals.” Now it is poised to undergo another remake with county planners overhauling its commercial, housing and retail space with new construction and remodelled legacy buildings. New and renovated condos, ranging from modest to luxe, are available in this vibrant, urban community.
The construction of the Purple Line linking Bethesda and New Carrollton, could draw more traffic and inflate home prices. North Bethesda’s proximity to livelier suburbs like Rockville and Georgetown is another plus. Walkability is not an issue with a thriving, pedestrian-friendly streetscapes that include shaded brick sidewalks, bike trails and outdoor cafés. At night, a host of ethnic restaurants and rooftop bars attract the young professional population.
Additionally, Bethesda Art and Entertainment District is home to numerous art galleries, live theatres, public art and music and dance studios.
For more information on condo developments in these or other great communities, give me a call!