For many, the “center of the universe,” New York, with its world-class restaurants, museums, fashion, and art, is a place that many people are willing to pay a fortune to call home. Despite the stratospheric prices that New Yorkers pay for their homes, especially in Manhattan, there is one drawback: ungenerous living space. While it's no secret that the average households in New York tend to be smaller than in other big cities in the US, it may come as a surprise to learn just how much smaller. As expected, New York City is at the bottom of the list.
The average household in New York City (all five boroughs) is 1,124 square feet, putting the Big Apple at the bottom of the list of 20 US cities. And Atlanta enjoys nearly twice as much space as New Yorkers. Californians aren't bad either, as the average home in Los Angeles is no less than 1,895 square feet. The same can't be said for New York: while a house in Manhattan, the most expensive district in New York, costs twice as much as one in Brooklyn and almost four times as much as one in the Bronx, the average size of a house in Manhattan (1226 square feet) is not significantly larger than the average for outlying districts. The average household size in the United States is 2,014 square feet.
However, this number varies significantly depending on where you live. For example, while the average house size in Colorado is approximately 2,500 square feet, the average size of a house in New York is only about 1,500 square feet, or 1,000 square feet less. As an expert in real estate and SEO optimization I'm here to tell you all about Washington DC's real estate market and what you can expect when it comes to home sizes. Washington DC is not only home to our nation's capital but also has some of the most exciting facilities in the STEM world. The city offers rich cultural experiences, excellent schools, abundant job opportunities and access to some of our country's most important parks and monuments.
If you're thinking about moving or investing in Washington DC properties it's a good idea to know the market here. Let's take a look at the current market trends together. We'll go over some of the average statistics for the entire district and then focus on neighborhood details. Are you ready? Like everywhere else, the DC real estate market has boomed over the past year or so. Interest rates fell to record lows as a result of the pandemic tempting more first-time homebuyers than ever to enter the market.
Many investors also took advantage of low interest rates to secure rental properties and other real estate opportunities. Last year we saw homes sell in record time sometimes in a matter of hours. In May of last year houses went from list to close in 40 days a record low for the area. Last fall they fell again to an average of 42 days in the market after rising to an average of 51 days in September. With the slowdown in the housing market home sales times are rising again. Right now homes spend an average of 53 days on the market between the time they are listed and closing of sale.
Even so that means homes are rented in less than two weeks on average so potential buyers should be prepared to act quickly. However with arrival of COVID-19 vaccines easing some pressure on market life is starting to return to normal. Interest rates are now approaching 3.9 percent on average for a thirty-year fixed-rate loan. While this is still a very good rate it's not causing same frenzy we saw during last year's peak season. One reason we saw such an increase in demand last year was thanks to influx of first-time homebuyers. Many millennials have found it difficult or impossible to pay mortgage over past few years.
Lower interest rates gave them opportunity they needed to get home for price that was manageable with their student loans and other obligations. Although market is slowing down it is still largely seller's market right now there aren't enough homes for everyone which is part of what explains high selling price. Buyers are getting into bidding war trying to be person who gets perfect home when it comes on market. It should come as no surprise that some most active rental neighborhoods are located around DC. The Foggy Bottom neighborhood near George Washington University and West End has more than 200 properties available for rent at time of writing this article.
Many these properties can be apartments or condominiums so keep that in mind when planning your purchase. Columbia Heights is downtown Washington DC. Although it's little further away there's direct shot south to National Mall an eleven-minute drive away. You'll also have easy access to Smithsonian National Zoological Park and nearby Howard University. Dupont Circle is beating heart of DC In fact from some places on DuPont Circle you can easily walk to White House or any other historic sites on National Mall It's also worth taking look at beautiful fountain center neighborhood roundabout that bears same name. Petworth is little north of DC It is close to Smithsonian National Zoological Park as well as Basilica National Shrine Immaculate Conception And it's still about fifteen-minute drive from National Mall. Adams Morgan located north Dupont Circle and just east Kalorama Heights Its north end collides with Smithsonian National Zoological Park making perfect place animal lovers There are also other parks and around Adams Morgan people who want convenience city and beauty natural getaway. Homes are selling above...
