This mris report was gathered from sales and contract data from the third quarter in 2010. This covers all of Washington, DC and the surrounding areas. Interest rates were still in the high 4′s or low 5′s at the most and inventory has been somewhat plentiful. As you will see, it’s a level playing field for buyers and sellers in DC which means nobody is getting ripped off. Most properties didn’t stay on the market for more than 30 days which indicates that demand was healthy. This is a clear sign that buyers are taking advantage of the favorable market conditions.

Clearly, Washington, DC is experiencing a robust real estate market. On top of the great rates and well-priced properties, buyers now have more incentive to purchase a home in DC due to the extended first time homebuyer $5,000 income tax credit.

Check out the report and let us know if you have any questions about your neighborhood. We’re happy to provide you with custom neighborhood reports. In the meantime, we hope that you find this information useful.