Prices Rise Slightly; Days on Market Up in the County

* Information from GCAAR

There were modest price increases for condos and single-family homes in the District of Columbia and Montgomery County in September as inventory continued to rise. Both jurisdictions saw increases in single-family contracts and number of settlements. 
 
Washington, DC
The average days on market was down 17.5% compared to September 2013. The median price for condos rose 1%, with single-family homes increasing by 3.3%. Inventory increased 7.5% for condos, and 6.3% for single-family homes. Contracts rose 6.4% and 3.2% respectively for condos and single-family homes. Settlements decreased 5.8% for condos, but rose by 8.3% for single-family homes compared to September 2013.
 
Montgomery County
The average number of days on market was up 20.45% from September 2013. Median condo prices saw a 3.2% increase, and the price of single-family homes rose by 1.5%. The amount of available inventory increased in September, with a 27.4% increase for condos and a 34% increase for single-family homes. The number of contracts decreased 17.5% for condos, but increased by 8.8% for single-family homes. Settlements dropped for condos, 5.4%, but increased by 5.2% for single-family homes compared to September 2013.