Maryland Blogger

2015 DC Metro Area Home Sales

2015 DC Metro Area Home Sales

 

If you or your clients are planning to relocate to the Metro Area of Washington, D.C., you will want to have a basic understanding of the real estate market as you consider a home purchase. This is a very large market and home prices do vary in different jurisdictions. Take a close look at the following statistics and consider the use of a local buyer agent to guide you through the home purchase process.

 

The following analysis of the Washington, D.C. Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of RealEstate Business Intelligence (RBI) and is based on year-end 2015 MRIS housing data.

OVERVIEW

  • 2015’s median sales price ended up at $410,000, marking only a 1.1 percent gain from 2014. Despite flat growth, prices are only 1.2 percent down from 2007’s peak levels.
  • Sales in 2015 were very strong, with year-over-year gains seen in every single month. Ultimately, the 50,528 cumulative sales marked a 9.4 percent increase over 2014.
  • Seller activity picked up consistently through the year and the 73,733 cumulative listings added over the course of 2015 were 8.5 percent more than the number added in 2014.
  • After rising to a peak year-over-year increase of 34.6 percent in August 2014, inventory growth has steadily declined in 2015, ending the year at 8,644 listings, which is only 4.6 percent higher than at the end of 2014.  Inventory growth will likely be negative in 2016.
  • Half the homes sold in 2015 were on the market 22 days or less, a two-day increase compared to 2014, but remaining well below both the 5 and 10-year averages.
  • The average percent of original list price received at sale has remained relatively steady over the last several years, dropping only slightly in 2015 to 97.3 percent.

 

Dahlia, Longwood Gardens, Photograph by Roy Kelley, Roy and Dolores Kelley Photographs

Dahlia, Longwood Gardens, Kennett Square, PA USA IMG 5700
Photograph by Roy Kelley 
Roy and Dolores Kelley Photographs

Roy and Dolores Kelley Photographs

Roy Kelley and Associates

 

Roy Kelley, Associate Broker

Realty Group Referrals (Retired from RE/MAX Realty Group)

6 Montgomery Village Ave., Suite 200

Gaithersburg, MD 20879

Main Office:  301-258-7757 (You will not reach me at this number)

Send an email message if you need my phone numbers. I will be happy to recommend a real estate professional if you are moving to the area.

Comment balloon 15 commentsRoy Kelley • January 14 2016 01:07PM
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