This is an ongoing series that will feature the latest in Hill home value changes straight from a Hill expert real estate agent. Jason Martin is one of the founding partners of Keller Williams Capital Properties and the principal at the Jason Martin Group. You may contact Jason at 202-641-0299.
The Washington DC Metro region continued to show its strength in July as double-digit growth in median sales prices extended into a third straight month. The year-to-date median price is nearly 10 percent higher than over the same period in 2012, according to Real Estate Business Intelligence.
Normally I would suggest that these numbers are staggering but it seems more like the norm in these zip codes. The 20002 and 20003 zip codes are just that strong. One stat that has been fun to watch over the years is the average sold price compared to the original list price, it seemingly always stays in the upper 90’s and often time jumps over 100 percent.
This stat is closely correlated to the average days on market, which continues to be much lower than last year – as I’m sure any current house hunters can confirm. And the sold dollar volume rising nearly 40 percent in both zips is another indication of those rising prices.
All of this and the fall market has not even arrived yet.
Here is the breakdown by zip code:
What do you mean by “All this and the fall market has not even arrived yet”?
What sort of trends do you normally see in the DC RE market during the fall? Anything particular you’re expecting?