Home prices and values continue to reflect stability in the highly competitive real estate market in Greater Washington. Now that the August numbers are released, trends we have followed build the case: home buyers are moving quickly, sellers are getting value, and quality-of-life factors shape the DC market in more interesting ways than ever.
National Housing Trends
In the US, housing starts in August reflected a slight increase, as reported by Eye on Housing. And according to Calculated Risk, mortgage applications increased, despite the highest average interest rate for 30-year fixed since April 2011, topping at 4.88%. The Consumer Price Index increased to a seasonally-adjusted 2.7%. This suggests that interest rates may continue to rise gradually as the inflation numbers and the threats (and realities) of international trade wars affect our national economy.
The DC market in August continues at a healthy pace. Closed sales are nearly flat, up only 0.5% from a year ago. And Days on Market, always in DC a showcase of tight inventory, remains unchanged year-over-year at 13. Two slight increases worth noting: 1) the median sold price in DC in August was $560,000, up 2.8% from this time last year; and 2) the median price per square foot was $553, up 6.4%. These stats are from Bright MLS, the regional real estate service used by licensed realtors throughout Greater Washington.
Other Interesting Notes
- In Tenley, check out Urban Turf’s report on the project going up in place of Dancing Crab.
- Washingtonian Magazine has a terrific map of Michelin restaurants.
- Montgomery County is ramping up bicycle trails.
- Zillow has a good report on how to do a background check on landlords.
The Faulkner Team is an experienced, high-service residential real estate team based in Gaithersburg, MD. All three team members are licensed realtors. The team specializes in Montgomery County but has license representation also in the District and Northern Virginia. If you’d like to have a conversation with us, please reach out to Diane (301-318-0334), Lynn (301-466-6519) or Steve (301-351-9514).