The 12 months ended in April were strong in the Washington D.C. real estate market, according to the Redfin Local Market Tracker.
Prices in the nation’s capital rose 4.2% in April from a year earlier, with the typical home selling for $520,000. Over the same period, sales increased 3.9%, with the typical home finding a buyer in just 15 days.
Sellers put 2.4% fewer homes on the market in April compared to a year ago, the first slowdown in new for-sale listings in almost a year. As a result, the overall number of homes for sale dipped nearly 1% and supply tightened.
David Ehrenberg, a Redfin agent in Washington, D.C., said it’s important that buyers are mentally prepared for the frenetic pace of the local housing market. “When competing against five to 10 offers is the norm, my role is to help buyers understand the various levers they can pull to make their offer stand apart,” said Ehrenberg. “Sellers are not just concerned with the price, but are also factoring in the buyer’s financial strength, the lender, the personal letter, the closing timing, the contingencies. Depending on their situation, sellers prioritize different things and so we tailor our offer strategy.”