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.
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
In this edition of First-Timer Primer, we look into the question of how to determine ... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Here's what you need to know about reporting profit made from the sale of your home.... read »
A Roth IRA is one of those accounts that people feel is totally off limits until you ... read »
The latest edition of What $1.5 Million Buys includes a Falls Chuch home reminiscent ... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
When sellers haven't quite lined up their next house before their settlement date com... read »
In this edition of First Timer Primer, we take a closer look at what you are actually... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro