Q4 2017 MARKET REPORT W W W . K W M E T R O C E N T E R . C O M
Photo Courtesy of Conor Sullivan and Dave Moya
2017 is now in the books and the Greater DC real estate market experienced a very strong year. Home sale price increases exceeded initial projections in all three markets: NOVA, Washington, D.C. and the Maryland suburbs. Although, Q4 data exhibited positive results, the YOY results highlight just how strong these three markets performed in 2017. Despite record low inventory levels, sale prices increased 4.1%, 4.6%, 4.1%, and unit sales increased 3.5%, 8.6% and 2.6% respectively.
8,452 UNITS SOLD
In 2018, flat inventory levels, slower wage & income growth, buyer demand and ever increasing home prices will continue to hamper the entry level buyer in the lower to middle price point range. Conversely, higher inventory levels and lower consumer demand will have a slight adverse effect on sales and pricing for luxury homes. Developers will be challenged to accelerate single family “starter homes” to accommodate demand while multi use “urban suburban” developments will continue to grow at rapid levels especially in the DC market.
$514,222
$4.3 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