Washington Condominium Market Experiences Growth in Resale Volume
Condo unit resales within the Washington Metro Area has maintained a steady growth rate as new condo prices rise. More consumers are inclined to buy resale units based on the affordability associated with them. The resale market continued to experience a stable increase in demand as evidenced by its 15,513 transactions – its greatest volume since 2009 – within the past 12 months ending May 2016.
Median resale prices were only up by 0.9% metro-wide as the District of Columbia, Northern Virginia, and Suburban Maryland have respectively increased prices by 1.1%, 1.1%, and 3.8% for the 12 months ending in May 2016. In the coming years, we predict a positive trend to continue in the condo market as buyers – specifically baby boomers – are expected to remain downsizing.
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