Current Market Stats and Trends
Our up-to-date real estate market information can provide you critical information on what homes in your neighborhood are selling for so that you can list your home at a price that reflects the current market and returns the most equity from the sale of your home.
It’s been quite a successful start of the New Year for the Washington, DC real estate market – at least according to the most recent market data.
Evidently, homes sales activity is steady and sellers are getting close to what they want in terms of asking price.
If you’re currently weighing whether to enter the market as a home buyer or home seller, we invite you to continue reading to learn more about recent market activity.
What You Should Know About Washington DC Market Activity
Here’s an overview of the current state of the market:
- Currently there are 56 sales pending on the market overall, leaving 187 listings still for sale.
- Those homes priced between $800,000 and $1.2 million have a relatively large number of contracts pending sale.
- Those homes priced between $1.2 million and $1.6 million have a relatively large inventory of properties for sale at 37 listings.
- The average list price for all properties in this market is $2,295,268.
- A total of 482 contracts have closed in the last six months with an average sold price of $1,397,200.
- Breaking it down, those homes priced between $800,000 and $1.2 million contain the highest number of sold listings.
- Alternatively, a total of 27 listings have failed to sell in that same period of time.
- Those homes priced between $800,000 and $1.2 million have the highest number of off-market listings at 8 properties.
- Active listings have been on the market for an average of 117 days.
- Analysis of sold properties for the last six months reveals an average sold price of $1,397,200 and 38 days on the market.
- Those properties priced under $400,000 have sold quickest over the last six months.
- The average sold price for the last 30 days was $1,540,869 with an average Days on the Market of 42 days.
- Analysis of the absorption rate indicates an inventory of 2.3 months based on the last 6 months of sales.
Ready to Enter the Washington DC Housing Market?
As you can see, there are plenty of great deals to be had on the Washington DC real estat market.
If you’re ready to take that next step toward owning or selling your own Washington DC property, be sure to contact us at The Estridge Group. We would be happy to assist you by answering any questions you might have as well as providing you with some valuable insight on the local housing market.
For now, please consider taking some time to browse our resources online.
For buyers, this includes:
For sellers, this includes:
Sellers: Get Your Home Ready To Sell!
When preparing your home for sale, a number of simple cosmetic changes often provide the biggest return on investment. Here are three tips to upgrade your house without breaking the bank:
- Bring in the light: The right light creates the right mood. Adding lights to dark rooms can make your home feel warm and inviting. Bring outdoor light inside by opening curtains and installing economical suntubes.
- Create Space: Many of today's buyers are looking for open rooms. Consider removing unwanted walls to make your home feel more spacious. Buyers will often pay a premium to get a bit of extra room.
- Replace Flooring: Get rid of that old carpet in the den and replace it with today's newer hardwoods and laminates. You don't have to spend a lot to make a big impression!These simple tips can help you sell your home and take advantage of today's market. Please contact us if you have any questions about selling your home. We are here to help!
Looking for the Best Mortgage
Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage — whether it’s a home purchase, a refinancing, or a home equity loan — is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.
The US Department of Housing and Urban Development offers a free brochure to help guide you through this process. Download a free copy today, and please contact us for a list of preferred mortgage professionals in our area.