Market stats

Washington DC area home prices up nearly 11%

DC area home prices up nearly 11%.

DC area home prices up nearly 11%.

Washington DC metro area home prices continue rise.  Home prices increased 10.7% from the same time last year, according to RealEstate Business Intelligence. The double-digits increases are due to buyers flocking to the market to take advantage of low interest rates. Unfortunately, sellers are sitting on the sidelines causing low home inventory across the region. The current inventory of homes is at 2005 levels. As a direct result, home prices are pushed up by multiple competing offers. Last week clients went up against 10 other offers for a row house in the popular Bloomingdale neighborhood. My clients’ offer was not chosen and the home eventually went $50,000 over the asking price. Other clients and I are writing an offer this evening for an Adams Morgan condo and we already know multiple offers will be reviewed. Fingers crossed we have the magic number.

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s