Home prices have been rising in the region since 2011, according to new statistics from the Greater Capital Area Association of Realtors. In the District, the median price is up almost 5 percent over this time last year, and in Montgomery County, it's up 8 percent.
President Bonnie Casper says this may mean the housing market is recovering.
"If interest rates continue to stay low, and we don't get much more inventory, the demand will increase and therefore prices could still go up," says Casper. "So it's the best time for a purchaser."
She also says fewer houses in the region are being put on sale, and those on the market are being sold more quickly, usually within just ten days.
Nilanjana Gupta contributed to this report.