The Washington metropolitan area is among the 20 best housing markets to invest in for 2018, according to Forbes. Forbes teamed up with Local Market Monitor to come up with the list of places where growth appears most sustainable.
The list of cities Forbes deems worth investing in for real estate "offer a rare combination of better than average job growth and some runway before homes become overpriced," the magazine says. The housing markets are not necessarily ones where prices will grow the most in the near future but rather are places where that growth appears most sustainable over the medium to long term, Forbes explains.
Local Markets CEO Ingo Winzer began with 330 markets, eliminating ones that were too small and then those that performed the worst on key metrics, Forbes explains in its methodology. Winzer then compressed the list down to 20 markets that scored the best across five measures: one-year job growth, three-year population growth (2014-17), one-year home price growth, affordability and Local Market’s own three-year home price forecast. (For more information on this and other neighborhood stories, subscribe to Patch to receive daily newsletters and breaking news alerts.)
The DC area ranked 17th on the list. Here’s how the area stacked up among key metrics:
Average home price: $393,8163-year population growth: 3.0%2-year job growth: 3.9%1-year home price growth: 5%3-year price growth forecast: 11%
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Image via MJO/Visit Alexandria