Market Update for Washington DC Area
As the weather warms up in the Washington DC area, more homes coming on the market, finally!!
Marshall and I are finding the market very competitive in the District. We have been part of multiple bid offers for small row houses and condominiums. In fact, a small two bedroom one bathroom rowhouse sold for more than 60 thousand over the list price!
In Maryland, single family homes are coming on and off the market in less than a week. According to RBI Intel, most homes in Montgomery county stay on the market 2 months or less. Homes for sale in Bethesda, Kensington and Chevy Chase last maybe a weekend at best. The housing inventory for homes in the $750-850 range is still low.
In Silver Spring Maryland, the closer you are to a Metro station, the faster the home moves off the market. Upper Montgomery county, areas like Olney Brookeville and Boyds Maryland have bigger homes with 4 and 5 bedrooms and two and three car garages. Again, inventory is lagging behind the needs of home buyers. Last weekend, my clients and I laughed and said hello, again, to other home buyers we had seen the weekend before. Kind of funny and hopefully not the trend we will see for the rest of the Spring.
Happy House Hunting!
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