Maryland Blogger

Washington, DC Metro Area Home Prices by Jurisdiction - August, 2015

Washington, DC Metro Area Home Prices by Jurisdiction - August, 2015

 

If you are moving to the Metro Area of Washington, DC, you will quickly discover that this is a very large market with many jurisdictions. Your first challenge is to decide where you want to live before looking at the available homes on the market. The following chart will give you an idea of the price ranges in the various jurisdictions this summer.

We recommend the use of an exclusive buyer agent who will advise you on local market conditions and help you make the best home purchase decisions for your family.

 

NEW CONTRACTS

Best August new contract activity in a decade, single-family homes show strongest gains.  There were 4,713 new pending sales August, a 10.6% increase compared to last year.  This is the tenth consecutive month of year-over-year increases, and the seventh consecutive month that all market segments demonstrated year-over-year increases. New contracts are at the highest August level in at least a decade and exceeded the 5-year average by 6.3% and the 10-year average by 16.5%.  Single-family detached had the largest year-over-year increase at 13.8% to 2,268 pending sales, followed by condos with a 10.4% increase to 1,252, and townhomes with a 5.4% increase to 1,193.  There was a decrease in pending sales of 9.7% compared to last month, with townhomes down 11.2%, single-family detached down 10.7% and condos down 6.4%.    Across the region year-to-date, all jurisdictions show increases in the number of new contracts, and the regional new contracts total of 42,163 is up 9.6% compared to 2014.

PRICES

Median sales prices decline slightly but remain healthy.  The August median sales price of $411,000 is a $4,000 or a 1.0% decrease over August 2014, but is still above the 5-year average of $396,400.  While single-family detached prices declined 3.9% to $500,000, townhome median sales prices were unchanged at $400,000, and condo prices inched up 0.8% to $302,250.  Single-family detached prices dropped 9.1% from last month and townhome prices dropped 2.4%, but condos were up 4.2%.  The year-to-date median sales price of $415,500 is up 1.3% from last year.  Sales volume across the region was nearly $2.3 billion, up 7.8% compared to last year.RealEstate Business Intelligence

 

Kentlands Photowalk, Photograph by Roy Kelley, Roy and Dolores Kelley Photographs

Kentlands Photowalk, Gaithersburg, Maryland, USA IMG 4609
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 16 commentsRoy Kelley • September 13 2015 03:59PM
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