WASHINGTON — Housing prices returned to near peak prices in 2015. Sales were brisk, but for potential buyers this year, the pickings may be slim.
RealEstate Business Intelligence says it expects inventory, or the number of residential properties listed for sale in the Washington region, to shrink with inventory growth turning negative.
In a market already plagued by tight inventory, that will make it even more difficult for potential buyers to find a house or a condo that they can both afford and want to buy.
RBI’s year in review spells out what a strong year 2015 was for sales in the Washington region, even if rising prices slowed.
The median price of a house or condo that sold here last year was $410,000. While that was just 1.1 percent higher than the 2014 median price, it puts prices within 1.2 percent of the record highs set in 2007.
But sales posted year-over-year gains every month in 2015, and full-year sales were 9.4 percent above 2014. RBI says half of the homes sold in 2015 were on the market 22 days or less, well below both the five and 10-year averages.
Prices hit the recession bottom in 2009, at a median selling prices metro wide of $331,500, meaning the median price in 2015 was 23.7 percent above that trough.
Falls Church City continued to lead jurisdictions in 2015, with a median selling price of $690,000, followed by Arlington County at $560,000; the District at $532,000; and Alexandria City at $500,000.
