DC Metro includes Alexandria City, Arlington County, Fairfax County and Falls Church City in Virginia. It also includes Washington DC, Prince Georges County Maryland and Montgomery County Maryland. The average sales price of a home sold in June was $523,296 an increase of 10% from a year earlier. 5,237 homes were sold in the DC Metro in June, a 12% increase from last June. Those homes took on average 31 days to sell – this is a decrease of nearly 40% from a year earlier. Based on 5,088 homes being sold in May and current active inventory of 8,281 homes, there is a less than 2-month supply of homes. This means that if buyers continued to buy at the same pace as they did in May each month going forward and there were no new homes placed on the market for sale, the supply of houses for sale would run out in less than 4 months. I know this is as likely as the sun not coming up but I’m just trying to make a point about the market. Additionally, sellers are getting on average 99% of what they list their home for. So if the seller listed their home for $100,000 they would, on average, end up selling it for $99,000. These are all signs of an extremely hot sellers market. Market conditions show an erie similarity to the markets in 2005. Will we see another crash? Who knows? I tend to believe things will start to level off and we will see modest year over years home price appreciation.

DC Metro currently has 8,281 homes for sale. This number has decreased 20% from a year ago, while the number of homes that came on the market in June – 6,180 – actually increased by almost 11%. Both new homes on the market and the number of new contracts that buyers placed on homes for sale has increased from the previous year. This is most likely a result of buyers rushing to buy before interest rates increases cause them to be priced out of the market they are in. Overall, things look very good if you need to sell your house fast in Virginia. If you have any questions about this information or selling your DC house fast please contact us at 877-384-3737.