What's Hot: DC-Area Home Prices Shatter Record in April
Home Prices in DC Area Reach Highest January Level Since 2007
An Adams Morgan condo that sold in January.
DC-area home prices rose to their highest January level since 2007 last month, according to a report released Tuesday by RealEstate Business Intelligence. Median sales prices in the region increased to $385,000, a 4.1 percent jump over last year. Prices rose everywhere but Fairfax City (-9%) and Montgomery County (-1.2%). In DC proper, prices increased to $495,000 from $470,000, a year-over-year appreciation of 5.3 percent.
Home sales volume also rose 4.5 percent over last year, making January the second month in a row that sales increased year-over-year. (In contrast, December was the only month in 2014 that saw sales gains.) The property segment that saw the largest increased in sales were detached, single-family homes.
The rest of RBI’s report looks good for the metro, too. Contracts went up for the third month in a row, rising 6.2 percent over last year and reaching the highest January level the area has seen in four years. Inventory is 18 percent higher than it was last year, which is decent news for buyers in what has been a long-running seller’s market. RBI notes that “this is the first time inventory has increased for all housing types for more than a 12-month period since February 2007.”
Perhaps related to the increasing inventory, homes are taking longer to sell. The median amount of time homes spent on the market increased by 13 days to 45 days, a day higher than the five-year January average. January saw the highest days-on-market metric of any month since February 2012.
See other articles related to: home sales, rbi
This article originally published at https://dc.urbanturf.com/articles/blog/dc_area_home_prices_reach_highest_level_since_2007/9512.
Most Popular... This Week • Last 30 Days • Ever
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
When Dan and Tanya Snyder couldn't sell their 30,000 square foot home , the former ow... read »
Cash-out refinancing is a popular financial strategy that allows homeowners to conver... read »
DC continues to get close to meeting Mayor Muriel Bowser's goal of producing 36,000 n... read »
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
- The Price For A House in The DC Area Hit A New High in April
- Dan Snyder Gave His Potomac Home Away, And Now It's Coming Back On The Market
- How Does Cash-Out Refinancing Work?
- 34,000 And Counting: DC Is 96% of Way Towards Meeting 2025 Housing Production Goals
- What Are Special Assessments in Condo Buildings and What Do They Cover?
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro