Washington DC Real Estate Prices Up 18%
Washington DC median real estate prices increased by a whopping 18.45% as reported by AOL Real Estate for the 12-month period ending February 2012. This 18.45% increase ranked DC fifth nationally for median price increases for this timeframe.
A shortage of inventory has significantly impacted the market in 2011, with inventory levels throughout the year averaging between three and four months supply. Buyers are often confronted with multiple offer scenarios in the popular urban DC neighborhoods. With several of the planned new condo developments now coming to market as rentals, it is likely that inventory shortages will continue in 2012 for the condo sector.
If you are considering a purchase of a home or condo in the District, here is a resource to evaluate neighborhoods and developments in the District.