Real Estate Market Weathers a Fall Shift
Despite the typical autumn shift, the real estate market in the Washington, DC metro area continues to perform strongly. Buyers, in particular, are well-positioned to find a great home at a good value as we enter the Fall market.
Despite a seasonal slowdown, the Washington, DC area real estate market remains strong and prices are up throughout much of the region. DC has experienced a dip in volume and prices year-over-year, but that is partially due to a very strong September in 2016.
1. The typical seasonal shift is in play as much of the region has experienced a volume slowdown in September but still strong compared to last year (with the exception of DC).
2. Maryland and Virginia suburbs of DC have experienced price increases year over year (YoY), but DC has seen a price decrease. The Baltimore metro area is relatively flat.
3. Most of the region has seen median days on market shorten since last year with the exception of the Maryland suburbs of DC.
4. New listings are way up in DC while the rest of the region is relatively flat compared to last year.
Maryland Suburbs: Total sales are down 23.6% month over month (MoM) and up 5.2% YoY.
DC: Total Sales are down 29.8% MoM and down 18.1% YoY
Northern Virginia: Total Sales are down 22.9% MoM and up 0.7% YoY
Baltimore Metro: Total Sales are down 22.2% MoM and up 0.2% YoY
Maryland Suburbs: Median price is up 5.7% YoY; Average price is up 4.7% YoY
DC: Median price is down 6.4% YoY; Average price is down 5.1% YoY
Northern Virginia: Median price is up 3.6% YoY; average price is up 4.4% YoY
Baltimore Metro: Median price down 0.3% YoY; average price is up 2.7% YoY
Average Days on Market (DoM)
Maryland Suburbs: Median days on market is 21 days (vs 16 in Sep 2016)
DC: Median days on market is 15 days (vs 16 in Sep 2016)
Northern Virginia: Median days on market is 20 days (vs 26 days in Sep 2016)
Baltimore Metro: Median days on market is 29 days (vs 35 days in Sep 2016)
Maryland Suburbs: New listings are up 1.4% YoY
DC: New listings are up 15.6% YoY
Northern Virginia: New listings are down 2.6% YoY
Baltimore Metro: New listings did not change YoY
Ready to work for you
If you or any one you know is interested in buying or selling a home in MD, DC or VA, we are ready to help. Do you just have questions? Wonder what your current home is worth? We are always here to answer your questions – big or small – please don’t hesitate. If you are not already receiving our periodic postcards with tips on home-buying, how to get your home ready to sell, listing announcements and more market trends, feel free email han [at] saydamproperties.com with your mailing address and we will ensure you are on our next mailing. And, as always, we won’t pressure or spam you.
Thank you for letting us be a part of your day and providing us the opportunity to share the latest real estate news!