Sell My House In DC | Washington DC Real Estate Report for March 2018

Sell My House In DC | Washington DC Real Estate Report for March 2018

Citywide Outlook

The March home sales data is out for Washington, DC. The median sold price for all homes types reached $555,451 for the month, which is  a 3.8% increase over the same period last year.

Sell My House In DC | Jennell AlexanderThat’s the good news.  The bad news is that the sparse inventory has led to a dramatic drop in home sale activity in the District. The number of closed sales dropped a whopping 9% since last year.

Sell My House In DC | Jennell Alexander

Why are home prices still rising? It is a simple answer. There are more purchasers in the market right now than there are available homes for them to buy. This is an example of the theory of “supply and demand” which is defined as:

“the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.”
When demand exceeds supply, prices go up. This is currently happening in the Washington DC residential real estate market.  First-time homebuyers have been hit especially hard:

Sell My House In DC | Jennell Alexander

Local Stats

Let’s take a look at how our local Ward 4 submarkets performed:

Sell My Home in DC | Ward 4 MarketStats

With very few homes on the market in our neighborhood, it is no surprise that sales aren’t lighting the world on fire.  Perhaps the miserable weather we had in February and early March played a role, but the lack of inventory is likely the biggest culprit.

Bottom Line

The reason home prices are still rising is because there are many purchasers looking to buy, but very few homeowners ready to sell. This imbalance is the reason prices will remain on the uptick.

I utilize the latest technology and data to understand the market and put you in a position to get the best and highest offer for your house.  If you’re thinking of making a move, a dedicated Real Estate Agent is your best asset.

To connect with me directly, please call Jennell at 202-717-2276

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If you are thinking of selling your home, let Jennell take over the marketing of your property with our unique 47-point system.

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