It's a seller's market in D.C., as most residential real estate for sale in the D.C. area stays on the market for less than two weeks.
The median price for residential real estate in the D.C. area continues its upward trend. A report by RealEstate Business Intelligence found that the median sales price for the month of July was $425,000 — a 10.4 percent increase over the same period last year.
That represents the highest median sales price for residential property in the month of July since 2005, before the housing collapse.
Home buyers not only face upward price pressure, but the housing stock is down 13 percent over the same period last year, and the median number of days-on-market is down from 23 days to 12.
The report comes from real estate sales data in the greater D.C. area, including Montgomery County, Prince George's County, Arlington County, Fairfax County, Fairfax City, Falls Church City and Alexandria City.
Falls Church City saw the strongest year-over-year price growth among jurisdictions covered in the report at 23.5 percent, followed by Prince George's County at 19.5 percent.
"Our friends in Prince George's County were hit particularly hard when the real estate market took a downward turn," says Michael McGreevey, President of the Greater Capital Area Association of Realtors. "So now that the market has rebounded and continues to pick up momentum, the room for pricing growth in Prince Georges County is greater than its surrounding markets."
A similar report in the Baltimore region found year-over-year median price growth of 5.6 percent.