DataMarkets & Economy

Baltimore and DC real estate see decade highs in pending contracts in August

MRIS reports on DC and Baltimore metro-level real estate trends for the month of August
  • The median sales price of a home in the D.C. metro was up 2.4 percent annually in August, and Baltimore saw a 2 percent uptick in the same time frame.
  • Both metro areas saw a double digit increase in sales volume, at 16.1 percent and 14.5 percent in D.C. and Baltimore, respectively.
  • New contracts in the D.C. metro increased to 4,907, which is the highest reported number in August since 2005.

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August was a banner month for Washington D.C. real estate, according to a new market report. Hitting multiple records, August saw rising prices and climbing sales in both the D.C. and Baltimore metro areas, a new report from MRIS says. In Washington D.C., home sales and new contracts reached their highest points for August in a decade, MRIS says, as trends continue to move their way upward. In August 2016, the median sales price was reported at $420,750, representing a 2.4 percent uptick. This figure marks MRIS's highest reported price tag since 2007. Compared with August of last year, the sales volume in the D.C. metro is up 16.1 percent to $2.6 billion. August closed sales reached 5,089 in the metro, representing an annual rise of 12.7 percent -- the highest level hit since August 2006, according to the report. Breaking down the median sales price by jurisdiction, August's largest annual rise was reported in Falls Church City. The region had a reported 40.2 pe...