Although it is one of the region’s most expensive jurisdictions, the District of Columbia continues to be relatively popular among home buyers.
No, sales there haven’t suddenly rebounded. When you compare the District with outlying counties such as Frederick, Charles, Stafford and Spotsylvania, however, you will find that homes are selling much more readily downtown.
Homes sold in March spent an average of 80 days on the market in the District, compared to 145 days in Stafford and 177 in Frederick.
Click here to see this week’s chart.
As homes dawdle on the market throughout the region, the inventory grows. The number of homes on the market in the District has tripled since 2005.
It’s worse in Montgomery County, however. Since 2005, the inventory there has nearly quintupled.
Homes in Montgomery County cost as much as they do in the District, but sales there are also better than in the more distant jurisdictions. Yes, prices have fallen in both the District and Montgomery County, but that can only help sales.
March sales prices in those two jurisdictions were about the same as in the spring of 2005, which is when the market was hottest.
Falling prices eventually should help sales in Prince George’s, which had the largest inventory of these three jurisdictions in March but the lowest sales. That is quite a reversal, considering that Prince George’s County was the fastest-selling and most competitive market in 2005.
We’ve seen how a sharp drop in prices has boosted sales in Prince William County. Perhaps sales will rebound in Prince George’s as buyers notice how affordable homes there are and how close they can live to the much more expensive District.
— Chris Sicks
Contact Chris Sicks by e-mail (csicks@gmail.com).
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