October 24, 2017

DC Region’s Hot Real Estate Market

market_chart_chaulk_boardHome sales in the D.C. market are off to a great start this year. According to Real Estate Business Intelligence (RBI), all numbers look quite positive comparing March of this year to March 2014—from higher prices to greater inventory for home buyers! Year-to-date comparisons are also very positive. While Falls Church City is an area with significant price declines, the numbers there fluctuate more because the small region has fewer overall sales than other parts of the area. (Prices jumped substantially in Falls Church City last year.) And even with the declines, it’s is still the highest priced area in the region. RBI sums it up:

OVERVIEW: The Washington DC Metro housing market enjoyed another strong month, with year-over-year increases in sales, new contracts, inventories and median days-on-market compared to March 2014.  Closed sales increased by 15.6% from March 2014 and new contracts rose by 10.8%, with all market segments experiencing a rise.  The number of closed sales increased to 3,662 with single-family detached making the strongest showing, rising by 19.0% to 1,677 units.  The number of new contracts increased to 5,554 with single-family detached increasing by the largest percentage of 12.4% to a total of 2,622.  Overall median sales prices rose by 2.6%.

Read the full RBI report here.

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