More homes sold in the D.C. region last year than any year since 2006, the peak of the housing boom.
After a sluggish 2014, the housing market rebounded last year with 50,528 sales, according to year-end data released Wednesday by RealEstate Business Intelligence, a subsidiary of MRIS.
Sales picked up in part because more sellers put their homes on the market, increasing the inventory and giving buyers more choices, and mortgage rates remained low, making homeownership more affordable.
While sales were up significantly from 2014 when there were 46,180 sales, they were only modestly higher than 2013 (49,102). Sales in the region have increased three of the past four years but remain well below the peak of 56,641 in 2006.
As sales are rising, prices have barely budged in some jurisdictions and climbed significantly in others. The median price of a home in the overall D.C. region ticked up slightly in 2015 to $410,000, a 1.1 percent increase over 2014.
Since the region’s median price bottomed out at $331,500 in 2009, it has risen the past six years and now is at $410,000. It is just 1.2 percent below 2007’s peak level of $415,000.
Prince George’s County had the biggest price growth of any jurisdiction included in RBI’s report. (RBI does not include Anne Arundel, Calvert, Charles, Fauquier, Frederick, Howard, Loudoun, Prince William, Stafford or St. Mary’s counties as part of the D.C. region.)
In Prince George’s County, the median price rose 6.3 percent to $235,000 last year from $221,000 in 2014. The District had the second-largest gain in median price, growing 4.8 percent to $523,000 last year from $499,000 in 2014.
Falls Church City had the highest median price in the area despite being the only jurisdiction where prices fell. The median price there dipped 1.4 percent to $690,000 last year from $700,000 in 2014.
More homes came on the market last year than any year since 2008. There were 73,733 new listings in 2015, which was 24 percent higher than the low of 59,476 in 2012.
Half the homes in the D.C. region sold in just more than three weeks in 2015. The median days on market was 22, up two days from 2014. Homes sold the quickest in the District, with half of the homes selling in 12 days or less. Homes took the longest to sell in Montgomery County, with half the homes selling in 28 days or more.