Discussing the DMV Real Estate Market Stats for December 2017 with Bridget Mendes from the Keri Shull Team.
We’re nearly a month into 2018, and so what better time than now to look back on the past year and evaluate the current standing of the real estate market in Northern Virginia, Washington DC, and Maryland.
Is inventory up or down? What area has seen notable changes? How did last year fare to years prior? Is it a good time now to buy or wait? We asked our buyer advocate agent Bridget Mendes to answer these pertinent questions and provide her expert advice.
- In the DMV: down 9% from Dec/16 to Dec/17.
- In Arlington, it is down 28%!
Single Family Home Sale Prices:
- 3/bed: up 6%
- 4/bed: up 11%
As you can see the diminishing of inventory in the DMV since 2016 is ubiquitous, but it is especially obvious in Arlington. Prices are rising as a result, particularly for single family homes.
Advice for Buyers
Knowing inventory is trending downwards in relation to demand, and with no assurance that there will be a market correction anytime soon, you don’t want to wait around for prices to drop – for all we know they are slated to continue rising!