A home on the market in Wesley Heights.
The housing market in the District continues to buck the ongoing trend the larger metropolitan area is experiencing.
The latest report by Bright MLS shows that August was the 11th consecutive month that median home prices increased year-over-year regionwide, to a ten-year-high for August of $430,000. Despite marginally fewer sales than a year ago, the area also experienced the 16th consecutive month of year-over-year decreases in inventory.
Meanwhile, DC proper is the only jurisdiction in the area where home prices declined year-over-year, dropping by about 5 percent to $545,000 despite nearly 7 percent more sales over the same period. Similarly, 7 percent more new listings hit the market this August compared to August 2016.
While this is the third consecutive month that inventory has risen in the District, consistently low levels of supply mean we’re still far from seeing a buyers’ market in the city.
“The lack of inventory is making buyers fight to get the limited number of houses that are on the market and it makes it hard on sellers as they are reluctant to list their house as they are fearful they may not find what they want,” Bright MLS economist Elliot Eisenberg told UrbanTurf. “We very much need more new homes to be built. Absent more new housing, this sellers’ market will continue. It is also important to note that our market is experiencing what many other cities are experiencing. This is a national problem.”
This article originally published at http://dc.urbanturf.com/articles/blog/inventory_rises_in_dc_for_the_third_consecutive_month/12987
Most Popular... This Week • Last 30 Days • Ever
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The seven-bedroom home hit the market on Friday and was under contract by Sunday.... read »
Loan recasting is a growing practice- so what is it?... read »
The 25-acre array will produce a quarter of the university's current annual energy co... read »
This year will likely go down as the year that prices for houses in DC reached new he... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
STAY DC provides rental aid and utility payment grants to at-risk District residents ... read »
The planned 8-unit development would be located on K Street right along the Potomac R... read »
Landmark Theatres is in the final stages of negotiations that would have it operating... read »
The 12,000 square foot replica of 1600 Pennsylvania Avenue went under contract last w... 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