While it has traditionally fared well during times of widespread economic downturns nationwide, the Washington, D.C. real estate market continues to show signs of significant annual improvement.
The median sales price recently recorded during July for homes in the D.C. metropolitan area topped year-ago levels, and marked the highest July-level observed since 2005, according to the latest report from RealEstate Business Intelligence. The organization reported that the median home price for the capital region rose to $425,000 earlier this summer from the reading of $385,050 seen in July 2012. This uptick represented a 10.4 percent year-over-year improvement in transaction amounts.
However, prices were not the only aspect of the area housing sector to exhibit gains during the recent month – sales numbers also climbed considerably. RBI reported that a total of 4,953 completed transactions were noted in July, showing a 18.9 percent rise from year-ago levels and marking the fourth consecutive month double-digit sales growth was observed in the region.
Findings included in the RBI report allude to the possibility that local residential construction professionals may be increasing their efforts to provide adequate housing, as the city’s overall inventory remains very low. While the number of active listings in the metro area during July – 8,391 – decreased 13 percent from the same month the preceding year, it was the smallest decline to be witnessed in nearly two years. Additionally, RBI noted that new listings posted the highest growth since April 2010.
It is a perfect time to get in the market whether buying or selling a house!