Demand for housing remains strong in the D.C. Market yet inventory remains tight, according to the latest data presented by Real Estate Business Intelligence (RBI):
“The overall high demand and low supply contributed to median sale price gains within the region and resulted in the highest August-level median sales price in eight years. The median days-on-market continues to be historically low, and is now at its lowest August-level since 2005. Rising prices and strong demand may encourage new sellers to enter the market, increasing new listings and helping to meet pent up demand.”
Prices are their highest since August 7, 2007, with the median price at $415,000 up 7.8 percent this August compared to last year.
Interestingly, the more affordable neighborhoods in Prince Georges County enjoy the largest share of the increase is in the more affordable areas of Prince Georges County, signally that perhaps there are still some great investment opportunities there. Check out the break down from RBI in the chart below.