As the DC Area Housing Market Went One Way in September, the DC Market Went Another
✉️ Want to forward this article? Click here.
When UrbanTurf covers the local real estate market, we differentiate between the DC area housing market and the DC proper housing market. Today, the September housing report from Bright MLS illustrates the current contrasts between those two markets.
Last month, the median home price for the DC area set a record for September ($431,000) and marked the 36th month in a row that prices have risen in the region. Despite the high prices, sales volume rose 15 percent with closed sales increasing by 9 percent. With a high volume of sales and the number of new listings essentially flat year over year, inventory levels dropped to the lowest September level of the decade, adding more fuel to the seller's market narrative in the region.
story continues below
loading...story continues above
In DC proper, September home prices rose almost ten percent year-over-year to $575,000, but record prices is where the similarities with the region end. Closed sales rose just one percent in the city, the smallest gain of any jurisdiction in the region. As for supply, DC saw the largest gains in the area for new listings and total inventory.
These statistics point to the likelihood that while the larger DC-area market remains in a seller's market, the DC market is moving decidedly in favor of buyers.
See other articles related to: dc home prices, dc housing inventory, dc housing market, dc housing market trends
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/as-the-dc-area-housing-market-went-one-way-in-september-the-dc-market-went-/16004.
Most Popular... This Week • Last 30 Days • Ever
Today, we take a closer look at home insurance.... read »
Monument Realty and Mosaic Realty Partners redevelopment plans for a surface parking ... read »
A new report shows that apartment rents rose ever so slightly in DC over the last yea... read »
Plans to convert a downtown DC office building into a large apartment project continu... read »
Another missing middle development has been proposed along Brookland's main throughfa... read »
- A Look at What is Covered By Home Insurance
- 235-Unit Development With Public Park Pitched For Downtown Bethesda Looks To Move Forward
- A Snapshot Of Apartment Rents Across The DC Area
- 400-Unit Office-To-Residential Conversion Pitched in DC's West End Heads To BZA
- From One Home to 9 Apartments Along Brookland's Main Drag
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro