Washington DC Amongst The Fastest Moving Real Estate Markets
Washington DC real estate is still holding strong when compared to most other real estate markets in the US. Prices in DC1 have either held their own or risen slightly compared to this time last year. Nationally, real estate prices have fallen around 4% so a rise of up to 6% augers well for the future – especially if you’re a seller.
Real estate trends can be misleading, but they do give both sellers and buyers some indication as to where there market is going. You should take care in looking at trends and take all factors into consideration. In Washington DC, while real estate prices are rising slightly, inventory of housing stock for sale is dropping. Year-on-year, there has been almost a 14% drop in the number of homes for sale – less available stock can lead to increases in prices.
Interestingly, Washington DC has had the largest drop in housing inventory compared to all other markets. From a seller’s perspective, prices are rising slightly, competition is down slightly, so a quicker sale should be on the cards. Unfortunately, that’s not always the case. The average number of listing days has increased by 14% to 57 days – that’s still reasonable compared to a national average of 95 days.
For those looking to buy a home in Washington DC, you need to be aware that prices are on the up. For how long is anyone’s guess, but if it is maintained for the rest of the year, you could be looking at a modest increase in equity within twelve months – and six percent is a good return in any market at present. For both home buyers and sellers, it’s certainly time to take a closer look at the market in Washington DC.
1Source – Inman News
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