MARKET REPORT W W W . K W M E T R O C E N T E R . C O M
Q1 2018 The first Quarter results for the Greater DC/NOVA real estate market are in with mixed results between municipalities and neighborhoods. The NOVA market has continued to post strong home sale price increases (+3.5%) with unit sales down (-2.9% ). Record low inventory levels, have contributed to the price increases but continue to hamper and frustrate entry level buyers. Mid-range price point homes are in high demand leading to a multiple offer market with some buyers waiving basic contingencies in order to win over the competition. New home starts continue to rise with a 12% increase in Q4 2017 but higher material costs will drive the prices of these homes.
6,987 UNITS SOLD
The Washington DC market also showed mixed results in the first quarter of 2018, resulting in average home sale prices ( -3.7%) and unit sales down (-1.3%). The overall performance of the DC market fluctuated much more greatly between neighborhoods than first quarter of 2017. This market will continue to see varying degrees of performance based on tight inventory levels, slowly rising home prices, interest rate creep and the recent tax bill legislation. Strong demand and the high concentration of affluent Millennials (#1 in nation) will continue to make affordability a challenge in 2018.
$511,066
$3.6 B
AV E R AG E S A L E P R I C E
S O L D D O L L A R VO L U M E
NORTHERN VIRGINIA