MARCH UPDATE: Washington, D.C. Metro Area Housing Market Going Strong

The Washington, D.C. Metro housing market witnessed another strong month, with year over year increases in sales and new contracts. Closed sales increased by 15.6% from March 2014 and new contracts rose by 10.8%, with all market segments experiencing a rise.

CLOSED SALES – Year-over-year sales shows a positive picture of the housing market with a consistent rise and double digit increases in both month-over-month and year-over-year comparisons. March 2015 showed a significant 15.6% increase in the number of year-over-year closed sales, far outpacing the increases of the last three months.

NEW CONTRACTS – Contract activity rose for the fifth straight month, making it the best year-over-year increase since February 2012. The number of new contracts increased 10.8% from March of 2014, to a total of 5,554. New contracts have now risen year over-year for five consecutive months and March contracts exceeded both the 5-year average of 5,409 and the 10-year average of 4,984.

PRICES – Sale prices are at the highest March-level since 2007 with a slight dip in single-family detached prices. The median sales price in March in the DC Metro Area was $400,000, with sold dollar volume totaling nearly $1.8 billion.

To read the MG Residential Washington, D.C. first quarter real estate report, click here.

Contact us today to set up a free consultation and learn more about the buying and selling trends in the Washington, D.C. real estate market.