Back at it again with another market update in the DC Metro area this week! Guess what - prices are rising, and together with that, new contracts are being signed compared last year.
With a 3.2% jump from last week, the median list price soared to $415,000 in the Bright MLS service area, a 7.8% increase from the same week last year. Historically, list prices have jumped at the beginning of fall, but this year the bump in prices happened earlier.
New contracts are hovering just above last year's level.
There were 5,812 new contracts in the Mid-Atlantic for the week ending August 18, which is 4.3% higher than the same week last year. Southern Maryland is the only region to not have a small uptick in new contracts over last year for this week.
If you have any questions about buying or selling a home, don't hesitate to reach out!
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