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D.C. Area Real Estate Market is Booming

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Homes in northern Virginia. (credit: PAUL J. RICHARDS/AFP/GettyImages)

Homes in northern Virginia. (credit: PAUL J. RICHARDS/AFP/GettyImages)

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LANHAM, Md. (CBSDC) — The D.C. Metro area’s real estate market is booming in 2013, according to a new report.

RealEstate Business Intelligence, LLC, says the District and many of its surrounding counties in Maryland and Virginia have seen median sales price increases of 10 percent or more since July 2012.

The largest increase, 23.5 percent, was seen in Falls Church. In Maryland, Prince George’s County’s median home prices increased by 19.5 percent.

The report also says that the number of days that homes spend on the market is historically low, and is currently at its lowest July level since 2005.

And in June, the area tied its own record high for median sales prices.

The median price for homes in the District is $520,000, while the median price in the area as a whole is about $425,000.

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