Home Sale Prices Continue to Rise in Nation’s Capital Increase happening despite rising inventory and an longer days-on-market
RISMEDIA, July 11, 2006—Homes sold in the Mid-Atlantic—including the Washington, D.C. region—continue to fetch top dollar, despite rising inventory and an increase in days-on-market, according to the most recent statistics released this week by Metropolitan Regional Information Systems, Inc. (MRIS). Market analysts credit the thriving job market in the nation’s capital and surrounding suburbs with providing a softer landing for its housing sector than that experienced by most regions nationwide.
Average Selling Prices for June 2006:
Washington, D.C.: $580,167, up 12.17% from June 2005
Prince George’s County, MD: $344,844, up 10.67% from June 2005
Montgomery County, MD: $572,978, up 6.88% from June 2005
Alexandria, VA: $554,533, up 9.81% from June 2005
Fairfax County, VA: $574,824, up 2.26% from June 2005
Loudoun County, Virginia bucked the trend with an average selling price of $531,713, down 2.80% from June 2005. Overall, the Greater DC Metro is expected to fare better than average as the nation heads further into what the National Association of Realtors® predicts will be a stabilization in sales and return to historic norms in terms of home price appreciation.
To put the June 2006 figures into historic perspective, MRIS records show that during the period from 1998 to 2001, the appreciation rate for homes sold in the District of Columbia averaged 8.5%, well below the June 2006 appreciation rate of 12.17%.
For more information, visit www.mris.com. |
