Premier Team - International Real Estate & Properties

2015 Real Estate Market in Washington DC

2015 Washington D.C. Real Estate Market

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What to Expect this Year in DC Real Estate

As we raise our champagne glasses and toast to a fruitful 2015, many real estate buyers, sellers, and investors alike wonder what the future of the Northern Virginia and Western Maryland real estate market holds. The Washington DC area draws international relocations in huge numbers. This is because commerce, government, technology and diplomats reside in the Nation’s Capitol to conduct business and make contacts. The real estate market is stable in Washington, DC, and the quality of life enjoyed by it’s residents make it a mecca for international relocations.

Here are five predictions:

  • Home prices will continue to produce double digit gains. Even with concern over interest rates and inflation, Washington D.C. housing values continue to show amazing growth. local economists are even so bold to predict that D.C. and Northern Virginia home values will reach their 2005 peaks in 2015. A brave claim to be certain, one that only time will prove.
  • Federal monetary policies will hold mortgage rates steady for 2015. After much speculation, Fed Chair, Janet Yellen, announced in late December that the Federal Reserve will be holding interest rates steady for most, if not all, of 2015. Those home buyers in Virginia and Maryland looking to finance their next home can take a deep breath and plan accordingly.
  • Housing inventory will increase. As real estate values increase, homeowners are removing their scuba gear and getting out from under water. The ability to list one’s home at a profitable price and increased demand for new construction will give housing inventory a boost it needs in the Washington D.C. region.
  • First-time home purchases will increase. Since 2009, first-time home buyers couldn’t catch a break and therefore exited the Washington D.C. residential real estate market. From tighter credit regulations to higher down payment requirements, buying your first home was often unattainable. New down payment programs through Freddie Mac and Fannie Mae bring new opportunities for first timers to make their first purchase.
  • Neighborhood reputation and convenience will be paramount. While trendy neighborhoods come and go, certain home buying preferences remain true. Purchasing real estate in reputable areas such as Loudoun County, known for its equestrian lifestyle, will continue to outperform lesser known locations. When considering a more urban locale, resale will always remain strong in close proximity of public transit and respectable school systems.

There is no denying that a crystal ball was not consulted to write this post, but 2015 brings an undeniable buzz of optimism with regard to Maryland and Virginia real estate potential. Real estate investors must keep in mind that, historically speaking, annual housing returns have produced 6-7%. Thus, after seven years of real estate volatility, data suggests a smoother ride to come.

Contact Gene Mock, Associate Broker, Premier Team, Keller Williams Realty

703-342-8100 for more information, at no obligation.

Gene Mock, International Real Estate

2015 Washington DC Real Estate Market

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The State of the Real Estate Market

STATUS OF THE MARKET

Experienced buyers know that the market is hot right now and, with the lower interest rates being offered now, it’s definitely a good time to buy. Average number of days on market is around 53 days, an increase of 51% compared to last years’ average days on market, which was around 35 days. The average home price has increased 1% from last year totaling $535,845, up from last year’s average price of $530,216.

The real estate market is at the point of stability, after much turmoil in the past several years

It looks like we’ve finally grown to a point of stability in the Washington DC Metro region. Interest rates are still low and real estate is moving. As we move into the winter months we see that our property inventory is around 8,500 homes in the Northern Virginia area, which is actually just shoy of our 7-year high. This number is 49% higher than this time last year.

LOCALIZED MARKET STATS

Northern Virginia Region: 

Market statistics for popular real estate areas in Northern VA include areas such as Arlington, Alexandria, Falls Church, Fairfax, Tysons Corner, McLean, Great Falls, Oakton, Chantilly, Centreville, Dulles, Ashburn, Leesburg are as follows:

  • Arlington – Median List Price $404,660, Median Days on Market 44, Active Listings 38, Foreclosures & Short Sales 2.6%
  • Alexandria – Median List Price $763,480, Median Days on Mrket 52, Active Listings 153, Foreclosures & Short Sales 2.0%
  • Falls Church – Median List Price $514,560, Median Days on Market 57, Active Listings 72, Foreclosure & Short Sales 1.4%
  • Fairfax – Median List Price $542,740, Median Days on Market 60, Active Listings 130, Foreclosures & Short Sales 4.6%
  • Tysons Corner & West McLean – Median List Price $1,305,410, Median Days on Market 94, Active Listings 127, Foreclosures & Short Sales (Not Available)
  • McLean – Median List Price $1,673,320, Median Days on Market 70, Active Listings 159, Foreclosures & Short Sales .6%
  • Great Falls – Median List Price $1,537,000, Median Days on Market 112, Active Listings 138, Foreclosures & Short Sales 3.6%
  • Oakton – Median List Price $1,114,890, Median Days on Market 90, Active Listings 80, Foreclosures & Short Sales 2.5%
  • Chantilly – Median List Price $411,180, Median Days on Market 33, Active Listings 36, Foreclosures & Short Sales 11.1%
  • Centreville – Median List Price $559,040, Median Days on Market 52, Active Listings 143, Foreclosures & Short Sales 6.3%
  • Dulles – Median List Price $410,060, Median Days on Market 76, Active Listings 30, Foreclosures & Short Sales (Not Available)
  • Ashburn – Median List Price $483,950, Median Days on Market 60, Active Listings 203, Foreclosures & Short Sales 6.9%
  • Leesburg – Median List Price $563,700, Median Days on Market 84, Active Listings 274, Foreclosures & Short Sales 4.7%

Metro Maryland Region: 

Market statistics for popular real estate neighborhoods in the Metro Maryland area, such as Rockville, Bethesda, Chevy Chase, Potomac, Gaithersburg and Germantown are as follows:

  • Rockville – Median List Price $511,210, Median Days on Market 64, Active Listings 105, Foreclosures & Short Sales 9.5%
  • Bethesda – Median List Price $1,361,390, Median Days on Market 71, Active Listings 119, Foreclosures & Short Sales 5.0%
  • Chevy Chase – Median List Price $1,166,020, Median Days on Market 69, Active Listings 95, Foreclosures & Short Sales 2.1%
  • Potomac – Median List Price $1,280,790, Median Days on Market 171, Foreclosures & Short Sales 2.9%
  • Gaithersburg – Median List Price $533,730, Median Days on Market 76, Active Listings 206, Foreclosures & Short Sales 11.2%
  • Germantown – Median List Price $321,190, Median Days on Market 58, Active Listings 195, Foreclosures & Short Sales 20.5%

Washington, DC:  

Market data for popular DC neighborhoods such as Georgetown, Capitol Hill, Dupont Circle, Rock Creek Park, Spring Valley are as follows:

  • Georgetown – Median List Price $1,324,180, Median Days on Market 61, Active Listings 104, Foreclosures & Short Sales 1.0%
  • Capitol Hill – Median List Price $656,050, Median Days on Market 27, Active Listings 61, Foreclosures & Short Sales 3.3%
  • Dupont Circle – Median List Price $389,000, Median Days on Market 45, Active Listings 19, Foreclosres & Short Sales (Not Available)
  • Palisades,Tenleytown, Spring Valley, Wesley Heights – Median List Price $1,012,820, Median Days on Market 63, Active Listings 83, Foreclosures & Short Sales 3.6%
  • Woodley Park – Median List Price $1,325,930, Median Days on Market 75, Active Listings 67, Foreclosures & Short Sales (Not Available)

WASHINGTON DC TOPS FORBES MAGAZINE’S “2014 LIST OF AMERICA’S COOLEST CITIES”

When it comes to quality of life, including recreation, entertainment, proximity to work, cultural diversity and beautiful scenery the Washington, DC metro area has it all. Whether you are relocating to the area or just deciding where you may want to live to be closer to family, friends or work there are many options available to you. Forbes Magazine looked at many factors like population growth, age of the population, long-term growth potential for job opportunities, cost of living and amenities, preferring cities with great numbers of new people moving into the area. Certain cities attract young, innovative-thinking and productive workers who demand amenities such as farmer’s markets, organic groceries, local wineries and breweries and non-chain restaurants, looking at the number of restaurants and bars per capita.

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PREMIER TEAM MEMBERS BELONG TO INTERNATIONAL REAL ESTATE ORGANIZATIONS TO HELP OUR CLIENTS WORLDWIDE

FIABCI-USA is multi-discipline, networking organization designed for connecting real estate investors and brokers worldwide. Premier Team is proud to be members of this prestigious organization and works with other FIABCI members nationally and internationally to assist our clients with their real estate needs. Our global network for business includes Proxio, a worldwide network of real estate professionals who help each other stay abreast of local and international trends in real estate investing.

International Properties - Real Estate - Premier Team

Call or Text Gene Mock @ 703-342-8100

and please visit our other websites:

NorthernVirginiaRealEstate.net

NorthernVirginiaLuxuryProperties.com

LoudounCountyHomes.com

LoudounHorse.com

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THE STATE OF THE REAL ESTATE MARKET

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