Mid-Atlantic residents who have watched home prices sink around the country can continue to find relief in the local housing market. Many Mid-Atlantic areas are the most stable locations, seeing rising home sales prices this summer selling season. Today, MRIS, the nation’s largest multiple listing service (MLS) and its subsidiary, RealEstate Business Intelligence (RBI), announce the Top Five Most Promising Counties in terms of real estate value.
The list highlights counties within the Washington metropolitan areas that have gained momentum since last year with an upswing or stabilization in the median home sales price.
MRIS and RBI compiled the Top Five Most Promising Counties by analyzing the Washington, D.C. and Baltimore metropolitan jurisdictions using median sales price from 2001 through 2010. The direct MLS data was compared in each area to the 2011 year-to-date data, through and including May 2011, to identify areas where there is a positive change in median home sales prices.
MRIS’ Top Five Most Promising Counties
Currently, the Mid-Atlantic area has a $295,000 median sold price with a median of 40 days on the market. Based on MRIS and RBI data, the following areas have been revealed as the summer’s most promising counties in the Mid-Atlantic area where median home sales have seen a positive change since last year:
- Alexandria City, VA
Median sales price is up 3.6% so far in 2011 from $415,000 to $430,000. The median days on market is currently at 44 days for 2011, trending at a median of only 26 days for May 2011. The county’s median sales price was at its highest in 2007 with $445,250.
- Arlington County, VA
Median sales price is up 2.9% so far in 2011 from $470,000 to $483,500. Houses are moving quickly with a median days on market currently at 29 days for 2011 and median pace of 20 days in May 2011. The county’s median sales price was at its highest in 2005 with $495,000.
- Fairfax County, VA
Median sales price in 2011 is showing a small positive change from $385,000 to $387,900. The county’s median days on market is currently low at 26 days for 2011, with the median set at 18 for the month of May of this year.
- Montgomery County, MD
Median sales price in 2011 remains close to its 2010 price of $345,000. The county’s median days on market is currently at 41 days for 2011; showing the impact of summer selling the median for the month of May 2011 was at 27 days.
- Washington, D.C.
Median sales price is up 1.4% so far in 2011 from $387,000 to $392,400. The District’s median days on market is currently at 38 days for 2011 and 25 for the month of May. Washington, DC’s highest median sales price was $420,000 in 2005.