Listings really are flying off the market in some parts of the DC area.
According to data compiled by RealEstate Business Intelligence (RBI), the outlet that analyzes the regional housing market, more than half the homes sold in May in seven DC area zip codes — covering Logan Circle, Del Ray, Herndon, Alexandria, Reston, Westover and Friendship Heights — were on the market for less than 7 days.
From the graphs presented, it looks like the median number of days that homes spent on the market in these areas has been dropping steadily over the past few months, reaching a low in May. Additional data revealed that these fast-selling homes fetched right around the asking price, and that the median sales price in each zip code was significantly higher than in the region as a whole.
The takeaway? If you want a home in one of these areas, you probably will have to make a decision very quickly. But if you’ve been reading this site for the past several months, you already knew that. For the full analysis, check out the RBI post.
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 http://dc.urbanturf.com/articles/blog/selling_in_a_week_or_less/5697
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