WASHINGTON — The housing market in Northwest D.C. is booming. You asked The Q & A, what is fueling this hot housing market?
WUSA9's Bruce Johnson caught up with local real estate agent Cory Burr to get some answers. He says all the conditions are just right.
"Interest rates are low, people are confident about the future, and their own house prices that saw a dip after '08 have come back," Burr said inside an American University Park home listed for $1.4 million. "They've got more buying power."
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But Burr said it's also just simple supply and demand. More people are looking to buy in this area, but the supply is still tight.
"Right now in upper Northwest, and close by Montgomery County, the supply for houses is one and a half months," Burr says.
Here's what that means in layman's terms: If properties keep selling at the current rate, it would only take 45 days to sell all of the existing houses on the market.
There is still concern at all levels, broadly and locally, about whether housing supply will be able to keep up with demand.
Watch The Q & A on WUSA9, weeknights at 7pm.