Washington Real Estate Market update for January 2014.

If January is any indication of market direction for the Washington DC Real Estate market, then we are in for another very competitive year, with low inventory of homes for sale, high competition by buyers and increasing prices.  Let's take an in-depth look at the numbers from Rbi:


Every data point of comparison did better year over year. Median Sold Price is up by 11.64%, Number of closed sales are up by 6.94%, Avergage Sold price is up by 10.05% and days on market is down by 18.46%.  The Washington DC real estate market continues to show strengh and price appreciation.   This is very much a sellers market with properly presented and priced properties generating multiple offers with escalation

Just before Christmas, something happened in DC that has not occured in over half a century: a streetcar was installed on tracks in the District. The often debated, and doubted (a city project run on time AND have enough funding? Crazy!), project finally gained some credibility. However, streetcars, in various forms, had been an integral part of city transportation for around 100 years. They began, in earnest, in 1862 as large cars on rails that were drawn by horses. The original line ran from the Capitol to the State Department, an important route as the country was embroiled in the midst of the Civil War in 1862. The streetcars saw enough success that the system was expanded by the fall of 1862 to include routes to Georgetown, the Navy Yards and the