DC Metro Home Prices Up 13.3% From October, 2011
Some prospective home buyers are still waiting for the bottom of the residential real estate market as home prices continue to rise in the area. Home buyers need to be prepared for the inventory shortage and conditions that favor home sellers.
Every home buyer should select an exclusive buyer agent that really knows the local market and has the experience to represent clients during negotiations that may be difficult. There is multiple contract competition for many homes.
Those that plan to use mortgage financing should obtain a pre-approval letter from a well know area mortgage lender. When the listing agent is not familiar with the reputation of the mortgage lender, advice may be given to the seller to consider other offers.
"Median price gains continue for most of the region. Highest year-over-year increase for the DC Metro Area in nearly 7 years.
At $362,500, the median home price in the DC Metro Area is 13.3 percent higher than in October 2011. This represents the highest year-over-year increase for any month since December 2005. The low inventory of homes for sale coupled with steady demand continues to push prices upward relative to last year. Prince George’s County leads the way with 20.0 percent growth, an increase of $30,000 to the median price from this time last year. All other jurisdictions within the DC Metro region experienced median price gains with the exception of Falls Church City, however medians there tend to be volatile due to the low quantity of homes sold. Townhomes had the highest median price growth of all property segments, up 14.2 percent from October 2011. Median prices of single-family homes and condos rose 11.8 and 10.2 percent, respectively." - RBI, RealEstate Business Intelligence
Please contact us when you need specific market information on the communities of interest to you as a purchaser or home seller.
Chrysanthemum, Brookside Gardens, Chrysanthemum Show IMG_7946
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs
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