​It’s a Wrap for Real Estate Spring Market

Look to the summer Real Estate market for opportunities in June and after Independence Day.

We are often asked, “How’s the housing market?” The answer to this question isn’t easy to answer, so we hope you’ll join us for a cup of coffee or a drink, because the answer is: “It depends.”

To provide an accurate description of the market, we have to look at all the factors that are at play, like location, type of home, and price point. As you might expect, if you’re looking in DC proper, the market and neighborhoods are quite different than Maryland and Virginia inside the beltway – and it’s different still as we move into counties like Fairfax, Howard, Montgomery and the greater Metro area. We’ll also have to distinguished between condos, coops, or single family homes, and finally, markets are very different across price points, from “starter” homes for first-time buyers to luxury homes. We’re happy to share how the markets vary – it makes for a great conversation whether you’re buying or selling a home.

So, how are the DC, Maryland and Virginia real estate markets doing at the 30,000-foot level?

Overall, the average home price in our region in 2017 year-to-date has increased 4.11 percent, with suburban Maryland leading the way in year-over-year home appreciation. Here’s our quick analysis on how home prices have shifted from April 2016 to April 2017.

Average Price As of April 30, 2017
Location20172016% Change
DC. Average$525,000$515,0001.90%
MD Average$323,167$302,1257.18%
VA Average$486,261$481,6542.08%
Regional Average$423,606$412,065 4.11%

 

As we wrap up the busy Spring season in May, we’re enthusiastic about the upcoming Summer season, which we expect to remain lively throughout the end of month of June. We expect a brief dip around the 4th of July, and we expect the market to reenergized just after the holiday until mid-August before buyers wrap up summer with vacations and prepare for the back-to-school craze. Whether you are looking to buy or sell, we’re here you to help you navigate the real estate process and to help you make strategic decisions to best position you to achieve your goals. So, when can we have that cup of coffee or drink?

Note in this analysis we included the following counties in the respective markets: Montgomery County, MD, Howard County, MD, Calvert County, MD, Anne Arundel County, MD, Prince Georges County, MD, Charles County, MD, Falls Church City, VA, Arlington County, VA, Alexandria City, VA, Fairfax County, VA, Fairfax City, VA, Loudoun County, VA, Fauquier County, VA, Prince William County, VA.