The District’s housing market is showing signs of both stability and tension. For a long time, and for some time to come, homes are scooped up at about the rate of Metro’s non-rush hour station stops. The market has been defined by multiple offers, rising prices, dwindling inventory and, well, apartment living.
The June numbers are in from MRIS which is our regional information portal. The median sold price for homes in DC in June is $603,375, up only 2.3% from this time a year ago. Median price per square foot is holding steady; and months of supply is still 2. In a display of continued good health, active listings in June were 1,484 compared to 1,365 this time a year ago.
What does it mean? As usual, be ready with your offer. But the market is moving well, inventory and listings are thriving and prices are, as expected, inching forward. Despite the upward movement of interest rates and the natural proclivity to rent during times of tight inventory and expensive mortgages, DC continues to be an attractive city in which to secure housing.
Backing these trends, note Redfin’s national May Mortgage Survey. Of 4,000 people polled, only 5% have postponed their search because of rising interest rates. An interesting 32% are waiting/hoping rates will go down (good luck) and an impressive 19% are fast-tracking their search before rates increase further.
In other DC news, we are all thrilled with the opening this weekend of Audi Field, the new home of DC United. The stadium is a $400M investment in the culture and value of the Greater Washington area.
DC Urban Turf has a nice article on the DC area condo market. They report prices are up 1% and the pipeline is up 3% over this time last year.
The Faulkner Team’s home market — 20878 — which is in the heart of the 7th most expensive state to live in as reported by Bethesda Magazine — is also experiencing a stable and steadily increasing residential real estate market. The median sold price for June in Gaithersburg/North Potomac is $565,000, up 18% over this time last year; and price per square foot is up 2% at $282. Median Days on Market is holding steady at 10, and months of supply has increased slightly to 2.5. Again reflective of a healthy regional economy, our market is attractive to homeowners and stable for listers.