Metro Washington, D.C. Residential Real Estate Market Average Home Price Decreases for First Time in 17 Months

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Mortgage interest rates remain at record lows for homebuyers, according to the Metropolitan Regional Information System.

Average home prices were down 13.4 percent for the first time in 17 months in October 2011, despite signs of a strengthening Washington, D.C. residential real estate market this past year, according to the Metropolitan Regional Information System.

“When we look at October numbers compared to last year, the number of days a property was on the market increased slightly to just over four days and the dollar volume of sales was down 22.8 percent*,” says Evers & Co. President and Broker, Donna Evers. “These numbers may be attributed to consumer concerns relating to economic uncertainty with international instability. There are, however, still positive signs of a healthy real estate market in the greater Washington, D.C. region with good pricing and low interest rates.”

Mortgage interest rates remain at record lows for homebuyers, with Evers noting, "The combination of record interest rates and prices that are still way below the high water mark of 2005 create a highly attractive market for buyers, especially in our area where job stability and income are at or near the highest in the country.”

In addition, the FHA loan level was recently restored to $729,750. This is a powerful added incentive, because purchasers can buy a $755,000 property with a 3.5 percent down payment, a $729,750 loan at four percent, and a seller subsidy of six percent to cover closing costs.

“With the added benefits of tax deductions available to homeowners for mortgage interest payments, affordability is indeed the best it's been in years."

  • Statistics are taken from the Metropolitan Regional Information System for three areas: Washington, D.C.; Montgomery County in Maryland; and Fairfax County, Arlington, Alexandria and Falls Church in Virginia.

About Evers & Co.

Founded in 1985 by Donna Evers, Evers & Co. Real Estate maintains its success through a strong referral base and agents who enjoy a premier reputation for their expertise and in-depth knowledge of Washington Metro Area homes and neighborhoods. Evers & Co. is home to 80 licensed real estate professionals with decades of combined experience, who enjoy access to a first-of-its-kind Agent Resource Center. The agency is the largest woman-owned and-operated residential real estate firm in the area and a member of Unique Homes Affiliate Network, Who's Who in Luxury Real Estate and FIABCI, the largest international real estate organization in the world. In addition, the agency has an alliance with My Home In Paris, a residential real estate firm in Paris, France.        

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