Washington, D.C. is in a bit of “tale of two markets” scenario with their real estate. On the one hand for Condos/Coops, you had the highest average sale price in the last 5 years, while inventory remains at an all time low. However, rowhomes and detached/single family properties had the lowest average sale price in the last 5 years, and they too have very low levels of inventory. The low levels of inventory just means being patient and waiting for the right property to present itself, and when it does, being prepared to move forward quickly with an offer.
Average Sale Price for Condos/Coops: $424,560
Average Sale Price for Townhomes/Rowhomes/Detached Properties: $480,550
Stats and information taken from the gcaar.com website.
Thanx