What's Hot: RFK Stadium Cleared For Demolition | Airbnb Unveils Icons
The DC Area Housing Market Recovers From the Jonas Effect
A home on 15th Street NW that sold in February.
The winter storm known as Jonas brought the DC region to a standstill in January and that extended to the area housing market. However, things seem to have hit their stride again in February.
A report out today from RealEstate Business Intelligence shows that, after a lull in January, home sales volume and new contracts picked back up last month. Specifically, sales volume, closed sales and new contracts were all up about 10-11 percent, year-over-year. In contrast, the number of new contracts fell about 8 percent in January versus January 2015.
story continues below
loading...story continues above
As for prices, they dipped for the third month in a row to $380,000 in the region, but rose in select jurisdictions. In DC proper, prices increased year-over-year by $38,000 to $538,000. In Falls Church, prices rose by 21 percent to $865,000. The chart below illustrates changes across the region.
Here are a few other highlights from the report:
- Housing inventories rose just 1.4 percent in February, the smallest increase since October 2013, and another sign that inventory growth is poised to turn negative this year.
- Homes in DC sold at 99 percent of their original listing price in February, the highest percentage of anywhere in the region.
- Listings are spending a median of 44 days on the market, a slight increase compared to last year.
This article originally published at https://dc.urbanturf.com/articles/blog/dc_area_housing_market_recovers_from_the_jonas_effect/10967.
Most Popular... This Week • Last 30 Days • Ever
Georgetown Metropolitan reported on Tuesday that the Instagram account for the nation... read »
A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »
The National Park Service has given the green light for DC's 62 year-old stadium to b... read »
UrbanTurf continues our tour of neighborhood developments around the region as we tak... read »
A regular inclusion as one of DC's most expensive housing markets, Georgetown remains... 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. 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