Mercury (and Housing) Rising
The Numbers Pointed Upwards All Summer – Here’s Our Take
Gimme Shelter! – That’s the phrase homebuyers were telling their REALTORS® all season long. With temperatures shattering all-time records, the DC housing market followed the trend. Of course, this newsletter features our summer market breakdown.
The only thing beating the temperature outside was the heat of DC’s real estate market. Notably, Cleveland Park and Anacostia show promising numbers. Otherwise, price appreciation shows a steady and healthy increase District-wide. Conversely, inventory dropped a few points, but the June market still showed higher stock than in 2015.
The Price Is Right – DC’s housing market showed incredible growth throughout the summer as prices in June and July held record highs. The median price for June and July set a 10-year record at $560K and $570K respectively.
Check The Inventory – DC’s housing inventory dropped a bit in July when the market showed 1,263 active listings at month’s end are .5 percent less than at the same point last year. However, some perspective helps. June’s inventory of 1,288 active listings at month’s end was 3.7 percent more than at the same point in 2015.
- Click here to view the latest listings on MRIS.
Neighborhood Market Watch – With signs of DC’s real estate market showing steady growth overall, pockets are showing unbelievable potential. Neighborhoods like Southeast’s Anacostia and Northwest’s Cleveland Park have shown tremendous growth.
Moreover, price appreciation across the District is swinging upwards in several other neighborhoods. These market trends have spurred steady competition, which has homeowners feeling bullish about their listings.
Are you a numbers geek who wants the full picture of DC’s real estate market? You already have the tools available. Smart Charts Pro is a premium offering from the service by MRIS and RBI, which has substantially more statistics, features, and functionality. Your local Association, GCAAR, provides this premium offering for free.
