AgentMarkets & Economy

MRIS forecasts DC and Baltimore home sales activity spikes this year

Affordability will continue to drive sales, but price appreciation will be slow and mirror last year
  • Counties that have seen the largest spike in sales represent some of the most affordable markets in either metro.
  • Year-over-year home price appreciation in D.C. proper will be around 5 percent.
  • Later recovering counties should attract more first-time buyers.

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In the Washington, D.C., and Baltimore metros, single-family housing conditions in 2016 should closely mirror last year. This means DC and Baltimore home sales activity should continue to increase. Home values are expected to increase slightly in DC and remain relatively flat in Baltimore, according to Andrew Strauch, vice president of product innovation and marketing for online real estate service MRIS. Two year-end reports from RealEstate Business Intelligence, which are based on MRIS data, show DC and Baltimore's sales volumes as having increased by 9.4 percent and 18.8 percent, respectively, last year when compared to 2014. Affordability is and will likely be the primary driver of sales volume, as the DC metro's median sales price rose on a year-over-year basis by only 1.1 percent to $410,000. In Baltimore, overall home values remained flat, with a median value of $240,000. Prince George, Harford counties standout Last year, the DC and Baltimore submarket...