The City Council discussed two proposals last night that would rezone land for housing developments.
The Council failed to get a second vote for a second reading of an ordinance rezoning land on N.W. 21st Street to a multi-family residence. Without a second vote, the proposal could not proceed.
The Council also heard the first reading of an ordinance to rezone land near Cherry Tree Apartments on Bussard Road. Three residents from Deerfield Subdivision spoke against the rezone, but other city residents spoke in favor of adding housing to the city. Developer Ross Wade explained that the proposal called for condominiums that would have a projected sale price of between $200,000 and $250,000.
Meanwhile, house prices in Washington and surrounding areas remain sky high.
Apartment inventory is also low or nonexistent.
According to a report from themortagereports.com, high prices are attributed to limited inventory, increased millennial demand, and low interest rates.
Analysts say the market is expected to stay red hot well into 2022.
