2015 was a solid year for the real estate market in Washington D.C. and the surrounding counties. The D.C. region continues to reflect strong real estate market conditions with increasing demand and home prices, according to the year-end report recently released by TTR Sotheby’s International.
With a strong unemployment rate lower than the rest of the country and the forecast of more jobs being added in the coming year, expectations are high for Washington D.C., Fairfax County, Montgomery County and the rest of the Mid-Atlantic Region.
Washington, D.C.
In 2015, the total sold dollar volume increased 7.06 percent annually to $5.28 billion. The most units in the D.C. metro sold in Chevy Chase. Representing an 8 percent increase over last year, 185 units sold in the neighborhood. While the average sold price increased 3 percent to $1,072,229, the average days on market increased 44 percent to 26 days.
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Dupont and Cleveland Park both saw a huge uptick in the number of units sold in 2015 compared with 2014. The neighborhoods saw an increase of 57 percent and 53 percent, respectively, with 58 and 46 units sold. Both of these neighborhoods did, however, see a drop in prices. Dupont saw a pretty significant dip of 22 percent to $1,706,573, and a 26 percent decrease in average days on market to 32.
Popular spots Capitol Hill and Georgetown both saw decent dips in average days on market of 23 percent and 14 percent, respectively. The number of units sold in Georgetown didn’t fluctuate at all, but prices dropped slightly by 2 percent. Capitol Hill saw an uptick in prices and units sold by 4 percent and 5 percent.
Mass. Ave Heights sticks out as the most expensive place to live in D.C. The average sold price increased a whopping 194 percent to $5,962,500 in 2015. However, only four units sold in this neighborhood, spending an average of 62 days on the market.
Virginia
Median home prices in Virginia didn’t fluctuate much in 2015, with Falls Church representing the biggest change in price of 5 percent. Units sold increased in all the areas reported by TTR Sotheby’s, and four out of the six saw double digit increases.
Great Falls had the biggest surge in units sold of 22 percent to 208, but it represented the smallest pool of units sold in an area. Arlington had the most homes sold at 1,380, but it was only a 3 percent increase over the previous year.
McLean and Vienna saw the biggest leaps in average days on market of 22 percent and 21 percent, respectively, to 60 and 40 days. Both of these areas saw a decrease of 1 percent in average sold price in 2015.
Great Falls saw the biggest dip in average days on market of 12 percent.
Maryland
In Bethesda and Potomac, the number of units sold in 2015 increased by 11 percent and 9 percent, respectively. Chevy Chase saw a decrease of 1 percent.
Bethesda saw an increase of 14 percent for the average days on market to 40 days, and a slight increase in price by 3 percent to $1,106,992.
Potomac was the only area of the three covered by TTR Sotheby’s International that saw a decrease in average sold price by 4 percent to $1,023,402. The area saw a 2 percent increase in days on market to 52 days.
Chevy Chase saw the biggest increase in average sold price by 5 percent to $1,293,689.
