Though the area's home prices are still high compared to other markets in the country, a new study finds that the price of Washington, D.C. homes actually became more affordable in the past year according Michele Lerner. The Q3 2016 Home Affordability Index from ATTOM Data Solutions shows that housing became less affordable in nearly one-fourth of counties across the United States from the third quarter of 2015 to the third quarter of this year. But things were looking up in the District and its surrounding suburban neighborhoods in Maryland and Virginia.
While the District saw a 4 percent decline in affordability, Montgomery County and Arlington County each saw a 5 percent improvement in affordability from third quarter 2015 to third quarter 2016. Fairfax County saw a 2 percent improvement, and Alexandria saw a 1 percent improvement.
Daren Blomquist, senior vice president of communications for ATTOM Data Solutions, said in an email that the improvement in those counties is “a sign that affordability constraints are finally putting downward pressure on home prices in those markets.”