If you have been searching for a home in the DC Metropolitan area in recent months, you may have noticed a common trend: prices growing higher. Housing became more expensive during 2012, for both renters and home buyers.
To give you an idea where our market is today, and where it may head in 2013, I’m sharing a few important benchmarks.
DC Metro Home Searches Rise
Interest in DC Metro area real estate is on the rise, per the latest online home search report by Realtor.com. In October 2012, the DC Metro area ranked #29 in online home search activity from among 146 U.S. metros. DC Metro home searches ranked #30 in September. Overall we’ve seen a growing trend in search activity during 2012.
DC Metro Home Prices Rise
The median sales price of a DC Metro home was $439,000 for the 3rd quarter of 2012. This is a gain of 12.6% from the same period a year ago. Home sales activity for the 3rd quarter was up by 6.6% compared to last year.
Keep in mind that this is a broad average for the area. Each DC Metro neighborhood has unique factors and averages; locations such as Georgetown, Stanton Park and Dupont Circle command higher median home prices.
DC Metro Rents Rise
According to RentJungle, the average DC Metro apartment rental increased by 5% during the last six months. Two-bedroom apartments have seen rents increase by an average of 9%.
DC Metro Real Estate in 2013
The largest concern we have at present is the “fiscal cliff” possibility, which would usher in an unprecedented wave of tax increases and Federal budget cuts as of January 2013. Most economists predict that a solution will be reached by our elected representatives. For this reason, there is little point in raising what-ifs for the worst-case scenario.
Instead, let’s consider the known positives of our market. Our unemployment rate is relatively low, and we have a modest supply of distressed homes. Our regional economy is gaining momentum. DC Metro area real estate is positioned to continue price gains in 2013, provided that our national budget issue is amicably resolved.
As your Accredited Buyer Representative, I can guide you through our changing market conditions and give you the advantage when buying a DC Metro home! Contact me for the latest home sale statistics, market trends, and the professional guidance you can trust. My team and I deliver the reliable information and high quality service you deserve!