Home | Newsletter | Advertise
loading...

DC Home Prices Rise 9% As Contracts Hit 10-Year High

  • December 10th 2015

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

DC Home Prices Rise 9% As Contracts Hit 10-Year High: Figure 1
A DC home that went under contract in November.

The DC area housing market in November saw the highest level of contracts for new home purchases since 2005, as home prices in DC proper rose 9 percent compared to a year ago.

Contracts in the DC region increased for the 13th consecutive month in November, according to a report released Thursday by RealEstate Business Intelligence. There were a total of 4,186 pending sales, a 7.4 percent increase compared to last year and the highest level for the month since November 2005.

“The Washington, D.C. housing market continued to see solid increases in closed and pending sales in November, with pending sales at the best levels in a decade,” the report stated. “Inventories continue to grow at a rate similar to the last several months, driven by the
highest November level of new listings in five years.”

DC Home Prices Rise 9% As Contracts Hit 10-Year High: Figure 2

Median home prices for the region did not budge since last November ($405,000), but they have risen in certain areas. Prices are up 9.1 percent in DC proper, and a whopping 21.1 percent in Alexandria.

Here are a few other interesting statistics from the report:

  • The housing supply in the region rose to 10,682 active listings, the 26th month in a row that inventory has increased.
  • The median days on market for DC proper is 13, a 15-day drop from last year. Fairfax City had the highest median days on market of 52.

The area that RBI analyzes includes DC, Montgomery County, Prince George’s County, Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City.

This article originally published at https://dc.urbanturf.com/articles/blog/dc_home_prices_rise_9_as_contracts_hit_10-year_high/10683.

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

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse