DC home prices show year-over-year increase
The market of homes for sale in Washington, DC, has been competitive for homebuyers in 2012, and a new report suggests this trend could continue into the future. In April 2012, a RealEstate Business Intelligence report stated home prices rose 11.2 percent across the metro since 2011, the largest year-over-year increase since 2006. In fact, there were price escalations in several types of houses in the district.
"The townhouse segment had a median sale price of $350,000, up 9.4 percent year-over-year," the report states, according to The Washington Post. "Detached homes were up 8.4 percent over April 2011 to $450,000."
This metro showed a 14 percent decline in new listings between April 2011 and April 2012. As fewer properties become available, homebuyers could face limited options, which might force their hand in a negotiation with a home seller.
Property buyers still have options to obtain maximum value from their investment, but they may need to act quickly. A wide variety of homes remain available in DC, including townhouses and detached properties, but they are selling fast. You could make an investment today in one of these houses with a 30-year fixed-rate mortgage, available at an interest rate of 4 percent or less from many lenders.