2021 was a wild year for Washington D.C.'s real estate market. 2022 will be tamer. Experts say that there will continue to be low inventory for houses, making room for new real estate development in the upcoming years. Affordable Housing projects have become the latest trend in the D.C area. Since December 2020, residential asset classes have made up roughly 40% of the new projects in the market.
What's New?
Washington D.C.'s housing market has taken an unusual turn since the pandemic, hitting D.C. hard with record-breaking prices leading to buyers paying more than the asking price.
Washington D.C.'s apartment market is expected to continue to increase in 2022 despite the new strain of covid potentially causing concern for multi-family living. The D.C. apartment market saw plenty of growth during the start of the pandemic, and the need for apartments is only increasing.
With the demand for market-rate multi-family apartments skyrocketing, D.C. has failed to keep up with affordable housing developments.
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Exciting Projects Transforming Washington DC
The Meridian Group is currently designing and planning One Logistic Park's $150 million industrial project.
The Macerich Company is currently in the design and planning phase of a multi-phase mixed-use development project called Tysons Corner Center.
Hoffman & Associates, EYA, and Rushmark Properties are currently designing and planning a multi-phase mixed-use development project called West Falls Church Metro Station.
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Washington DC Digest