January homes sales in DC and Baltimore reach 8-year high

  • The median home price in the city of Baltimore rose by nearly 50 percent year-over-year.
  • Late January snowstorms impacted new pending sales in both metros.
  • Washington D.C.'s median price eclipsed $500,000 in January.

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Home sales in DC and Baltimore metros reached their highest levels for a January dating back to 2007. Last month 2,702 homes sold in the Washington, D.C. metro, with 2,073 single-family residences closing in the Baltimore metro, according to market reports from RealEstate Business Intelligence (RBI). These historically high monthly sales totals were achieved in spite of activity declines in Washington D.C. and the city of Baltimore. In the district, January sales activity dipped by nearly one percent on a year-over-year basis, with pending sales/new contracts down by 12.1 percent. Median days on the market has dropped to 26. The city of Baltimore saw year-over-year sales activity drop by nearly 11 percent, with the volume of new pending sales also declining, by 7.7 percent. Median days on the market stood at 46. RBI attributes the drops in pending sales activity to the late January snowstorms. The weather was also said to impact the volume of new listings in both ...