Stable Prices, Skyrocketing Sales: DC Real Estate in 2015

• January 13th 2016

by UrbanTurf Staff

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The DC area real estate market saw prices level off, sales shoot up and inventory continue to struggle to keep up with demand in 2015.

These conclusions were published in a comprehensive year-end report of the regional housing market by RealEstate Business Intelligence on Wednesday. Below, UrbanTurf highlights some of the report’s findings.

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Home Prices

2015 was the year that the rapid rise in home prices in the region began to level off. The median price for the DC area clocked in at $410,000, just a 1.1 percent increase over 2014. Prices in the region are now just 1.2 percent below 2007 levels, according to the report, when the median price was $415,000.

Real estate is of course local, and there were jurisdictions where homes prices increased modestly. In DC proper, prices rose 4.8 percent to $523,000 and in Prince George’s County, prices increased 6.3 percent to $235,000.

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Sales Volume

There were 50,528 closed home sales in the region in 2015, a 9.4 percent increase from 2014 and the highest total for the area since 2006. Fairfax County led the way with 14,850 sales.

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Inventory

The supply increases in the regional housing market are a little deceiving. New listings in the area increased 8.5 percent year-over-year and the overall supply of listings on the market rose 4.6 percent. However, inventories are significantly below the 10-year average of 12,574 listings and RBI expects the growth in supply to be negative in 2016.

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Days on Market

About 50 percent of the homes that sold in 2015 did so within three weeks of hitting the market, which is actually a bit slower than 2014. If you are buying or selling in DC proper, homes are selling about twice as fast — the median days on market was 12 last year.

This article originally published at https://dc.urbanturf.com/articles/blog/stable_prices_skyrocketting_sales_the_year_in_dc_real_estate/10746.