The price of any item is determined by the supply of that item, as well as the demand for that item in its market.
The same is true in real estate. As the inventory of homes available for sale shrinks, and the demand that buyers have for those homes continues to grow, prices increase.
Let’s get together to discuss the supply and demand of homes in our market!
August 2017 Housing Market Update for Washington DC Metro Areas
August Home Sales and Median Prices
The following analyses of the Washington, D.C. housing markets are based on August 2017 MRIS housing data.
- The Washington D.C. Metro median sales price of $430.000 was up 2.2% or $9,250 compared to last year but was down 2.3% or $9,900 compared to last month. This is the highest August price of the decade.
- Sales volume across the DC Metro area was over $2.6 billion, up a slight 0.1% from last year.
- Closed sales of 5,072 were down 0.3% compared to last year and down 1.6% compared to last month.
- New contract activity of 4,965 was up 1.2% compared to last year.
- New listings of 5,894 were up 7.2% compared to last year but were down 6.2% from last month.
- Active listings of 9,855 are down 4.4% compared to last year and down 4.1% compared to last month. This is the 16th consecutive month of declines in year-over-year inventory levels.
- The average percent of original list price receive at sale in August was 97.8%.
- The median days-on-market for August 2017 was 18 days, four days lower than last year.
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The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data.
The DC Metro Area housing market includes: Washington, D.C., Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia.