Let’s Talk About the Spring Market, 2021
The DC Area real estate headlines tell a story of a crazy market, with record escalations and above-ask sold prices driven by high buyer demand, low mortgage rates and low inventory.
While it’s true there have been some big sales, particularly in a few zip codes, we dug deeper into the numbers to get the REAL story. Yes, it’s a great time to sell, but buyers, don’t get discouraged! We predict that buyers who stay in the game over the summer WILL find their next home.
Median Home Sales Numbers for 2021
Looking at homes (not condos) for 2021 across the District, we examined 334 homes sold or settled (roughly 67 per month with slight fluctuations). Broadly, homes are selling for above list price, but the headline-makers are the outliers (though some of our clients have benefitted from big escalations as well).
Just look at the data…
- Sold prices ranging from $400K to $2.35MM
- Median list price: $928K and median sold/settled price: $964,600 (3.9% over list)
- Average (mean) list price $1,036,174 and average sold/settled price: $1,054,344 (1.75% over list)
- When we look only at what is currently a very competitive price range of $900K-$1.2MM, the median list price is $999K and median sold result $1,025,000 (3.27% above list)
Have questions about the market? Work with an agent who can help you navigate the market and make the smartest decisions about your next move!
Thinking about SELLING? Talk to our Listing Expert Joel Nelson about the steps that make sense for you based on the current value of your home.
A sampling of Joel Nelson Group Spring Home Sales…