Evers & Co. Real Estate October 2014 Market Report
Learn the latest real estate news from Leverage Partner Evers & Co. Real Estate, who recently released their October 2014 market report of the Washington, D.C. metropolitan area.
Read the full report: Evers & Co. October 2014 Real Estate Report
The biggest news for October was the discrepancy between the sales performance of the District versus Montgomery County and the close-in Northern Virginia suburbs. While Montgomery County had a 1.7 % decrease in sales compared to last October and Northern Virginia experienced a 6.3% decrease, DC showed a whopping 25.5% increase! In addition, the median price was flat for both Montgomery County and Northern Virginia, and the District had a 5.1% increase over last October.
These are significant differences in performance, and it indicates what the real estate agents already know – that the market in the close-in areas is much stronger than in the outlying areas, and DC is once more the star of the show. The District is now considered a top city for attracting millennials, empty nesters and investors, both local and foreign. The beauty of the city's architecture and streetscapes, the rich cultural offerings and the general walkability of city neighborhoods will probably continue to influence this situation for the foreseeable future.
*Statistics are taken from the Metropolitan Regional Information System for three areas: Washington, D.C.; Montgomery Country, Maryland; and Fairfax County, Arlington and Alexandria in Northern Virginia.