Home Prices in Foggy Bottom for December 2013
Real estate market data for Washington, DC provided by Natalie Dean of www.washingtondcluxuryhomes.net.
Foggy Bottom Home Prices
We all know that Foggy Bottom is know for its eclectic style of coops and condos. Whether they are uber expensive toggling well over the million dollar mark or moderately priced in the low 200k's, they have fantastic charm and loads of character. We have seen 12 straight months of Median Sold Price increases on condo prices in Foggy Bottom and don’t expect things to slow down anytime soon. If you are considering buying a home you can still find deals on a condos in Foggy Bottom but having a good real estate agent who understands the market is a must. There are a number of condos that are awaiting a renovation which also sparks a nice equity increase in your property. As you can see from the graph below, listings are not selling exactly for asking price. To make sure you don't overpay for your home, you'll want to have an agent that does a thorough market analysis of the Foggy Bottom condo on which you are making an offer.
If you are interested in how much current inventory on the market in Foggy Bottom you can find that information by clicking on the link. High inventory will suggest that homes are sitting on the market for longer. A note about Foggy Bottom, there is very little inventory. Currently in this area of Washington DC, condos have a median time of 84 days on the market before they sell. This would suggest that buyers are in a great position to make an aggressive offer on a home. Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers. As the spring market moves in coupled with Low inventory in Foggy Bottom we will probably begin to see multiple offers coming in on homes, quite similar to what we saw back in 2007. I wouldn't expect home prices to run up quite as fast as they did back then as banks have gotten a lot stricter on lending guidelines and are no longer giving a loan to anyone with a pulse. But low inventory is one indicator that prices should continue to rise.
If you are interested in how much current inventory on the market in Foggy Bottom you can find that information by clicking on the link. High inventory will suggest that homes are sitting on the market for longer. A note about Foggy Bottom, there is very little inventory. Currently in this area of Washington DC, condos have a median time of 84 days on the market before they sell. This would suggest that buyers are in a great position to make an aggressive offer on a home. Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers. As the spring market moves in coupled with Low inventory in Foggy Bottom we will probably begin to see multiple offers coming in on homes, quite similar to what we saw back in 2007. I wouldn't expect home prices to run up quite as fast as they did back then as banks have gotten a lot stricter on lending guidelines and are no longer giving a loan to anyone with a pulse. But low inventory is one indicator that prices should continue to rise.
Home Prices for
The median sold price in December for condos in Foggy Bottom was $600,000. The list decreased by 9.43% from the previous month.
The average sale price in December overall for homes in Foggy Bottom is $721,833. The sale prices increased by +8.85% from the previous month.
Find Condos for Sale in Foggy Bottom
To find out what you home is worth in the current market email me or call 202-438-1056.
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