So this is interesting. This MRIS graph compares home sales in the District within the range of $30,000 to $500,000 looking at March 2009 in the left column and March 2008 in the right column. Sure, everything’s down a tiny bit year-over-year. But not by much.
|Total Sold Dollar Volume:||$ 202,925,321||$ 210,508,482||– 3.60 %|
|Average Sold Price:||$ 508,585||$ 535,645||– 5.05 %|
|Median Sold Price:||$ 375,000||$ 399,500||– 6.13 %|
|Total Units Sold:||399||393||1.53|
There are two main trends I’ve heard that could explain these numbers: First that more new homebuyers are jumping into the market, looking at middle-income properties presumably within this range. And second, that homes in the high six figures aren’t moving as quickly due to financing/mortgage rate issues. But agents are seeing an uptick in less expensive home sales.