Is D.C. Gaining or Losing Residents? Here's What the Numbers Say
What you need to know about Washington D.C. moving trends.
Are more people moving in or out of Washington, D.C.? I’ve been getting this question a lot recently, so today, I just want to take a few moments to explain the last few years of migration trends in our city.
Because of the nature of D.C., government workers, journalists, and other folks are moving in and out of the area all the time; however, what has the net gain or loss been? Starting in 2020, the population of D.C. started to decline, but this was mostly due to the pandemic. Many people figured that if they had to spend so much time at home anyways, they would rather do it in a quieter location for less money. However, this trend reversed in 2022, and there is no reason to expect it not to continue going forward.
"In 2022, more people moved to Washington D.C. than left."
So what does this mean for real estate? Essentially, the more people moving into our city, the more people need to buy homes, and the more home prices will increase. One thing to consider is that 68% of the people moving to D.C. are between the ages of 18 and 34. In other words, it’s mostly young professionals and college students. At the same time, most of the people leaving the city tend to be older.
Most of the people moving to and from D.C. are going to or coming from Virginia or Maryland, which makes sense since these states are right next door. After these locations, most people moving here are either coming from New York or California.
Overall, recent migration trends look good for Washington, D.C., so you can feel secure about making real estate decisions here. If you have questions about this topic or anything else, please call or email me. I am always willing to help!