Prospective buyers in Washington D.C. will face a season with limited inventory, which will lead to higher prices for the homes most in demand. Washington Post staffer Michele Lerner reports that while there are a few more listings in the fall, they are not the affordable smaller homes and condos for which first-time buyers are searching.
In August prices increased for the more affordable market, which consists of condos (11.7% year-over-year), townhouses (1.8%), and detatched-houses (8.8%). The higher end of the market was far less limited:
Buyers at the top of the market in the city are more likely to be able to find a property to purchase, Hill says. The number of houses that sold (105) between $1 million and $2.5 million increased 78 percent over August 2015 and the number of sales (14) between $2.5 million and $5 million increased 180 percent over last year.