Previous Month: June Home Sales Report
Back to School
Hello folks! While many families are enjoying one last hurrah at the beach before the start of school next week (!), I’m here to bring you the latest real estate news for Shepherd Park and surrounding communities.
As has been the case all year, the major story in the DC market is the lack of homes available for sale. Lawrence Yun, Chief Economist at the National Association of Realtors said:
The demand for buying a home is as strong as it has been since the Great Recession. Listings in the affordable price range continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines.
I have seen this in the market repeatedly as some first-time home buyers find themselves competing with other buyers over the same house.
For the current homeowner, this present a great opportunity:
- If you are sitting in a four bedroom colonial and all the kids have already left;
- If you do want to move up to that dream house;
- If you want to move from that busy street to a more secluded enclave,
Now might be the time to sell your house and move on.
The median sold price for detached homes and townhouses in Shepherd Park, Colonial Village, North Portal Estates and Takoma reached $736,000 in the month of July, which is a 9.2% increase over the same period last year. The 17 new listings for the months puts us right on pace for the 5-year average for this community. People love it here and not many have been in a rush to move.
Here is last month’s Fee Simple Activity:
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Have a great month!