What's Hot: The 4 Projects in the Works Near DC's Starburst Intersection | A 153-Room Aloft Hotel Pitched For Mt. Vernon Triangle
DC Metro Sees Strongest March Home Sales Since 2010
A home that recently sold in DC.
The regional housing market continues to run on virtually all cylinders.
DC-area home sales were the strongest since March 2010 last month, according to a report released Friday from the real estate data firm RealEstate Business Intelligence (RBI).
There were 3,662 home sales in the region last month, a 15.6 percent increase from last March. Driving the sales were single-family detached homes, though sales of townhomes and condos also increased compared to last year. And at $400,000, the metro-wide median sales price reached the highest March level since 2007. Median sales prices in the District rose 5.7 percent to $500,000 in March.
Contracts also rose last month posting the best year-over-year increase in more than three years. The number of new contracts increased 10.8 percent from March 2014, and every property segment RBI tracks showed more contracts this year than last.
The inventory of homes for sale also rose last month, with the condo supply increasing the most. The report noted that the trend “represents a return to a more normal inventory level,”:
All classes of inventories have now increased for 15 months in a row, making this easily the best period for inventory since 2007-2008. This is the most sustained increase in inventories since the depths of the housing bust.
If there was one slow point to highlight in the report, it would be how quickly homes are selling in the region. The median days-on-market measure increased to 25 days, which is a full week higher than last year. RBI notes that it’s still lower than the five-year March average of 30 days.
See other articles related to: dc home and condo prices, dc home prices, dc home sales, dc housing inventory, dc housing prices, home sales, rbi
This article originally published at https://dc.urbanturf.com/articles/blog/dc_metro_sees_the_strongest_march_home_sales_since_2010/9750.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf looks at the estimated annual maintenance costs associated... read »
Another concept has been unveiled for one of DC's most contentious development sites,... read »
The residential development in the works along Florida Avenue NE is looking to increa... read »
Renter demand has continued to push Class A apartment rents in the DC region up this ... read »
The big news in the development pipeline east of DC's H Street Corridor is the resur... read »
- What Are the Annual Maintenance Costs When You Own a Home?
- A First Look At The New Plans For Adams Morgan's SunTrust Plaza
- 46 to 48: The Biggest Project In Trinidad Looks To Get Bigger
- How Much Did DC-Area Rents Rise At The Beginning of 2024?
- The 4 Projects In The Works Near DC's Starburst Intersection
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