The DC Market is Shifting

Watch On Your Mobile Device >>

In the nation’s capital, the sun is starting to shine after one of the bleakest times in recent American history.  According to RBI (Real Estate Business Intelligence), home prices in the D.C. metro area are up 11.2% in the spring of 2012 to $392,500.  This is the largest gain since 2006.  In fact, depending on the neighborhood in the District, Maryland, and Virginia, prices have remained steady since 2009 or early 2010.

Factors Behind the D.C. Housing Market’s Increase in Home Prices

Once the D.C. housing market started its recovery, prices did not automatically shoot up; instead they slowly increased. Many sellers have been reluctant to put their house on the market due to the strained climate in the real estate market. This has led to a lack of inventory (inventory has dropped 27% over the course of a year) and because of this lack of inventory, the spring of this year has been very good to sellers. Residential interest rates in the D.C. metro have also reached historic lows. Homes on the market are also getting sold at a much quicker rate; in May of this year a property spent an average of 48 days on market, down 28% from May of 2011.

How YOU Can Take Advantage of the D.C. Market
If you have talked to a real estate professional in the past couple years and left feeling pessimistic about the market, now is the time to engage a professional again.  Depending on the community and price point, it may be a very safe time to sell.  The best way to take advantage of the rising home prices in the D.C. metro area is to engage a real estate professional and have a conversation about how to proceed. If you are interested in selling your home, now is the time to talk with a trusted and experienced real estate agent to identify your options!