Washington, DC Real Estate Market Favoring Buyers, Data Shows

Home Buying 15It’s been a good month to be a home buyer on the Washington DC real estate market, at least according to the latest market data.

Evidently, the average price per square foot as well as the median homes sales price have shown year-over-year decreases, suggesting that buyers can get a great price for a property right now.

Interested in learning more? Continue reading!

A Closer Look at DC Housing Market Activity

Here’s an overview of the current state of the local housing market in Washington DC:

  • Currently there are 1,355 homes for sale on the market, including 189 in some stage of the foreclosure process.
  • Between January and April, the average price per square foot for DC homes was $471, down 0.6 percent from the same period last year.
  • The median sales price for Dc homes during that time period was $467,000 based on 857 home sales.
  • Compared to a year ago, the median sales price decreased 2.7 percent, or $13,000.
  • And the number of home sales decreased 28.4 percent.
  • Broken down further, the median sales price for a 1-bedroom was $372,500.
  • The median sales price for a 2-bedroom was $500,000.
  • And the median sales price for 3- and 4- bedrooms in DC were $537,500 and $655,000 specifically.
  • Here’s how other communities compared in terms of median sales price
    • Bethesda $782,500
    • Chevy Chase $835,000
    • Washington DC $467,000
    • Kensington $419,000
    • Potomac $844,500
    • Silver Spring $364,250
  • During the week ending on April 29, the average listing price for DC homes was $917,312, up 2.3 percent from the week before.
  • During that previous week, the average listing price was closer to $900,000.
  • More specifically, the average listing price for a 1-bedroom was $365,754
  • The average listing price for a 2-bedroom was $696,528
  • And the average listing price for 3- and 4-bedrooms was $768,591 and $1,222,344 respectively.
  • Here’s how other communities stacked up when it came to average listing price
    • Bethesda $1,349,037
    • Chevy Chase $1,391,204
    • Washington DC $917,312
    • Kensington $670,134
    • Potomac $1,886,649
    • Silver Spring $446,559

How Can We Help With Your Next DC Real Estate Purchase?

As you can see, there really are some great deals to be had on the local housing market here in DC.

To take that next step toward purchasing your own Washington DC home, please contact us at The Rozansky Group, today!

We’d be more than happy to assist you by answering any questions you might have as well as providing your with some valuable home-buying resources.

Until next time,

Brad

Leave a Reply

Your email address will not be published. Required fields are marked *