Slow and steady was the name of the game in the DC Metro Region real estate market now two years running. However, increasing sales prices, decreasing inventories, and a short days-on-market average are key statistics that show promise for those who have or are hoping to invest in real estate within our region.
Each year Real Estate Business Intelligence kicks off the New Year by looking at key real estate statistics for the DC Metro Region from the previous year. Below you will find the highlights of the 2015 year-in-review.
Median Sales Price
- The regional median price of $410,000 in 2015 was 1.1 percent higher than last year. While the gain was relatively low, it marked the sixth straight year of gains since the 2009 bottom.
- Regional pricing levels are now 23.7 percent above the $331,500 bottom of the market in 2009, and only 1.2 percent off the $415,000 peak in 2007.
- Despite being the only area where price levels dipped slightly, Falls Church remained the most expensive location with a 2015 median sales price of $690,000.
- There were 50,528 closed sales in 2015, up 9.4% compared to 2014, marking the largest annual gain since 2009.
- 2015’s closed sales total was up 34.4% compared to the market low of 37,602 seen in 2008.
- Fairfax County had the most closed sales in 2015 with 14,850, which was an increase of 9.6 percent from last year.
- There was an 8.5 percent annual increase in the number of new listings added in 2015.
- The 73,733 cumulative listings in 2015 were up 24 percent compared to the 59,476 low of 2012.
- New listings in 2015 were 11.8 percent above the 5-year average but less than a percent below the 10-year average.
- All jurisdictions except Falls Church City saw year-over-year increases in new listings.
- Fairfax City had the largest percentage increase in the number of new listings, with a 14.6 percent gain.
- Inventories increased to 8,644 by year-end, a 4.6 percent increase compared to last year.
- End of year inventories exceed the 10-year low of 6,303 in 2012, but are down a whopping 60.2% from the year-end peak of 21,712 in 2007.
- Inventories are slightly above the 5-year average of 8,123 but substantially below the 10-year average of 12,574.
- Fairfax County had the largest percentage increase in year-end inventory with 2,581 active listings, an increase of 10.8% compared to 2014.
- Regional supply growth was driven by gains in Fairfax County (+10.8%), Prince George’s County (+5.2%), Washington D.C (+5.0%) and Arlington County (+3.7%).
Days on Market
- Half the homes sold in 2015 were on the market 22 days or less, a two-day increase from the median DOM of 2014.
- The only jurisdiction where DOM declined was in Washington D.C, where it fell by one day to 12, the lowest level in the region.
If you would like a more specific complimentary market analysis for your property, please contact us today!