The regional housing market in 2018 is, in many ways, continuing the narrative that began in 2017.
Bright MLS’s latest monthly report out today shows that regionwide home prices hit a decade high for January, rising by 2.5 percent year-over-year to a median of $399,900. This uptick represented the 16th consecutive month of year-over-year price increases in the DC area.
Despite there being slightly fewer closed sales in January 2018 compared to last January, overall inventory fell by 14.8 percent, making for the lowest number of listings on the market since January 2013. Fairfax was the lone jurisdiction where active inventory rose from year to year.
The process of getting a property ready to put on the market can seem daunting enough. There’s clearing the clutter, endless amounts of cleaning, organizing and scrutinizing your property with a fine-tooth comb. What needs attention and what can you leave alone?
Welcome to the new world of “fixing to sell.” Gone are the days of throwing it on the market and seeing what happens. Prepping for sale is a highly choreographed dance of repair along with a bit of renovation and presentation.
Don’t ignore these seven areas.
1. Structural and mechanical
It might not be glamorous, but buyers are looking at big-ticket items like the age and condition of the roof, air conditioning and heating systems, water heater,
Trulia’s most recent Rent vs. Buy report calculates that it is now 28.4 percent cheaper to buy a home in the DC region than to rent — a slimmer margin than the 35.4 percent value of buying a home last fall.
The DC area is not unique in this position, as the economic benefit of buying, as rents have dropped, has diminished in all 100 of the country’s largest metropolitan areas. While home prices have steadily increased nationwide over the past four years, rents have gone down by 3.5 percent between spring 2016 and spring 2017. In the last year, median home prices in the DC area rose by 4.3 percent while median rents dropped by the same percentage. Currently, there are metropolitan areas (most of which are in
A good metric for determining the most competitive housing markets in DC is median days on market as it illustrates where homes are selling the fastest.
Looking at data from legal subdivisions around the city, UrbanTurf used the metric for median days on market so far in 2017 to see which neighborhoods are moving the fastest.
Here are the six neighborhoods where homes are selling in nine days or less:
The neighborhoods where homes are selling the fastest in DC are areas that have been competitive for a long time, such as AU Park, North Cleveland Park and Mount Pleasant. They are all also located in Northwest. As the table outlines, the markets in these neighborhoods in the first quarter of 2017