Though D.C. home sale prices so far this year have increased less than two percent over the same period last year, the Washington, D.C. market remains hot, with homes selling quickly once they hit the market, according to MarketStats by ShowingTime.
From January through September of this year, the average days on market was just 37 for the District, down from an average of 54 days at the same point last year. Although a 37 days on the market might not appear terribly short for some, it’s just an average. A closer look at the numbers shows that nearly 60 percent of D.C. listings have sold in 20 days or less since January.
The average sold price through September this year was $703,789, compared to $692,234 for the same period in 2018—a 1.67 percent increase. This increase was similar compared to year-to-date numbers from September 2017 to September 2018.
Statistics also indicate that homes are selling at more than 98 percent of the original sales price, which means sellers appear pretty close to the mark when pricing their properties. Overpriced homes typically linger on the market.
As we enter deeper into the fall, inventory and the number of buyers tends to drop a bit through the holidays. But the still-limited inventory and low interest rates for borrowers throughout the area keeps momentum running in favor of home sellers for the time being.
© 2019 D.C. Region Real Estate
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