There's no question that Washington, DC is a hot market for real estate. With a growing population and limited inventory, the city is still what we consider a seller's market.
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Data Source: MRIS. Statistics calculated January 4, 2018.
A few 2017 stats of note (with more in the chart above and downloadable here):
- With 9,250 sales last year there were nearly 9% more transactions in 2017 vs. 2016 (but demand still dwarfs inventory).
- Average Days on Market continues to decline year of year and, while the average was 35 for 2017 we saw a peak of around a week at times during the year. Nearly half of those homes sold in 10 days or less.
- Average Sold Prices are up nearly 5% vs. 2016, with detached units outpacing attached counterparts.
What does that mean for you? Well, if you own property in DC (or one of the nearby Virginia or Maryland suburbs), now is a great time to sell if you are looking to move up or downsize or (gasp!) leave the region. However, if you are looking to enter the market as a buyer, you likely will still need to call upon your preparation, patience and persistence...but you can do it!
In order to best prepare, consult with a local market specialist well in advance when you want to make your moves (and move). If I can be of assistance, reach on out!
Amber Harris is the owner of At Home DC and a licensed real estate agent with Keller Williams Capital Properties working with clients in DC, Maryland and Virginia.