WASHINGTON — The median price for homes in D.C. and Montgomery County, Maryland, has climbed once again.
Compared to September 2014, the Greater Capital Area Association of Realtors says the median sale price is at $512,000 for a D.C. home, which is up 10 percent from this time last year. In Montgomery County, prices remained strong, with the median price up 1 percent to $395,000.
“We have very low inventory. We have a lot of demand,” said Suzanne Des Marais, president of the GCAAR.
Des Marais says buyers are aware that interest rates may go up soon, so they are choosing to buy now.
The number of homes closed on in September in both D.C. and Montgomery County was at the highest September level since 2006.
In Montgomery County, new listings were up 2.2 percent to 1,682 in September, resulting in the highest number of sellers entering the market during a September since 2006. New listings were up only less than 1 percent in D.C. from last year at the same time.
Homes did sell quickly in Montgomery County and D.C. In Montgomery County, half of the homes sold were on the market for five weeks or less. In the District, half of the homes sold spent 14 days or less on the market.
Des Marais says sellers should consider entering the market while demand remains high. Buyers looking in popular neighborhoods, on the other hand, should be prepared to pay the asking price or even more.
