DC Metro Housing Market Continues Its Comeback
Settlements Remain Strong in the District of Columbia
Despite the rise in interest rates, the amount of available inventory in the District and Montgomery County continued to shrink in July. Housing continued to make a comeback in both jurisdictions with settlements for both condos and single-family homes up significantly over July 2012.
Washington, DC
The average number of days on market was down 33% from July 2012. The median price for condos was up 6.1%, and single-family homes saw an 14.3% increase. Available inventory continued to decline compared to July 2012, with 25.1% fewer condo listings and 7.5% fewer single-family listings. Condo contracts saw a sizeable increase, 24.2%, and condo settlement activity remained strong as well with a 20.8% increase over 2012. Single-family contracts in the District saw a modest increase, 4.5%, but single-family settlements fared much better with a 21.7% increase over July 2012.
Montgomery County
The average number of days on market was down 39% over July 2012. The median condo price saw an increase of 5.7%, with the price of single-family homes increasing by 8.1%. The amount of available inventory decreased slightly for both single-family homes and condos, 5.6% and 3.2% respectively compared to July 2012. New condo contracts increased by 26.9% in July, and new single-family contracts rose by 15.9%. Settlements were again on the rise in July, with a 31.1% gain for condos, and a 32.2% increase for single-family homes.
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