2014 – 2015 Real Estate Trends in the DMV Area
The DMV area, which consists of Washington D.C., Maryland and Virginia, is an area that is truly like no other. There are plenty of advantages to living in the DMV area, including easy access to unlimited entertainment, a wealth of culture, a wonderfully mild climate that boasts four seasons, and excellent public schools and transportation. With all that the area has to offer, it is easy to see why so many people choose to live here.
If you are considering buying or selling a home in the DMV area, or if you are thinking of relocating here, you are undoubtedly wondering about the state and trends of the current real estate market. The overall sale of homes in the DMV area was a bit slower and softer than expected and anticipated, but there were plenty of positive signs in the market. With that being said, let’s take a look at some of the 2014 – 2015 real estate trends in the DMV area:
- More homes were sold in the metro D.C. area in 2014 than in an overwhelming majority of the past several years. In fact, more homes were sold in the area in 2014 than in seven of the last eight years.
- Real estate in the DMV area continues to hold its value and be a solid investment. The overall median home price in the metro area rose again in 2014, for the fifth year in a row, to just over $400,000. If you are considering selling your home, this is obviously good news for you, as it means your home has more than likely increased in value over the past few years, which could lead to a higher selling price. If you are a buyer, you should also pay attention to this trend, and consider that now may be the time to buy. With median home prices rising each year for the past five years, it isn’t likely that this trend will stop anytime soon.
- Although traditional single-family detached homes still dominate the area and its sales, local real estate professionals have started to notice a surge in condo sales as of late, and 2014 – 2015 was no exception. Condos are particularly popular with first time home buyers, but they offer benefits and advantages to anyone who is searching for a low maintenance lifestyle in a home that offers luxurious amenities and conveniences.
- One of the hottest spots in the area is Montgomery County. Montgomery County has plenty to offer its residents, including beautiful real estate, a wonderful quality of life, an excellent school system, and more. However, keep in mind that all of these charms come at a price; in fact, homes in Montgomery County can cost nearly twice as much as a similar home in other areas.
- If you are searching for affordable real estate, look no farther than Lothian. Lothian offers some of the most affordable real estate that you will find anywhere in the region, with a median home price of less than $100,000. In fact, nearly half of all real estate transactions in the 20711 ZIP code in 2014 were all cash transactions.
Homes for Sale in the DMV Area
I hope these 2014 – 2015 real estate trends in the DMV area will help you in your home search. If you have any questions about the 2014 – 2015 real estate trends in the DMV area, or about DMV area real estate in general, then you have come to the right place.
I am Dimitri Apostolopoulos, and I have been serving my clients and all of their real estate needs for more than two decades. I pride myself on being able to offer my clients a stress free and enjoyable real estate process; my team and I are experts at moving the sales process along, at every step of the transaction. We offer excellent customer service, and serve our clients with a passion and dedication that is unparalleled. We also offer our clients a unique perspective, often seeing things that they don’t think to look for.
To learn more about our team, spend some time browsing through our website. You will find plenty of relevant company info, such as our current listings and our team bios. Be sure to check out our blog, as well, which will keep you up to date on local real estate trends, information and more.
When you are ready to take the first steps toward buying or selling your DMV area home, please feel free to give us a call or connect with us online. We are looking forward to meeting you!