A Little Discount in Metro DC, But Not Much
Last night more than 60 people turned out to Redfin’s McLean office to get the latest on pricing trends and commune with others diving and dipping into the Metro DC real estate market. Thanks to all who attended, especially those in the standing-room only section.
Like always, we has some food and some market data, both of which were consumed hungrily. You can download the slides here, or read on for sale-to-list price data.
Notable is that, despite the market, in Fairfax and Montgomery counties and in DC, prices are holding up. Buyers are getting a slight discount, but for the most part sale-to-list price was 95% and up, meaning the discount is smaller than 5%. McLean, Great Falls VA and Potomac MD show larger discounts to list, but that’s normal for higher-priced homes.
Next Class in Northwest DC on October 1
And I’m happy to say that after many requests, we’re going to do the next class in the district, close to the Metro. No more of the burbs! (Until November, that is.) We’ll be at Buffalo Billiards, 1330 19th Street in DC. We’ll even play you a game, but keep in mind that Redfin agents negotiate better than they play billiards.
So sign up, and come get fresh pricing data and meet the Redfin DC Agent Team, standing by at the ready:
Washington DC Home Prices by Area, June 17 – August 17, 2008
| Area | # Deals | Final v. List | Average Price |
| Northwest DC | 343 | 97.8% | $628,903 |
| Northeast DC | 83 | 97.4% | $382,417 |
| Southwest DC | 51 | 96.6% | $401,783 |
| Southeast DC | 11 | 95.2% | $400,273 |
Washington DC Home Prices by Home Type, June 17 – August 17, 2008
| Type | # Deals | Final v. List | Average Price |
| Attach/Row Hse | 136 | 97.3% | $521,419 |
| Detached | 84 | 96.8% | $985,835 |
| Garden 1-4 Floors | 60 | 98.2% | $335,940 |
| Hi-Rise 9+ Floors | 53 | 97.8% | $387,745 |
| Mid-Rise 5-8 Floors | 76 | 98.6% | $448,781 |
| Semi-Detached | 38 | 96.8% | $573,425 |
| Townhouse | 41 | 97.6% | $537,094 |
Montgomery County Home Prices, June 17 – August 17, 2008
| City | # Deals | Final v. List | Average Price |
| Bethesda | 48 | 97.2% | $859,076 |
| Boyds | 4 | 99.1% | $388,357 |
| Chevy Chase | 6 | 96.9% | $858,500 |
| Clarksburg | 9 | 98.1% | $509,797 |
| Damascus | 3 | 98.6% | $354,964 |
| Gaithersburg | 55 | 97.3% | $356,465 |
| Germantown | 45 | 98.1% | $322,097 |
| Kensington | 4 | 98.1% | $463,000 |
| Montgomery Village | 9 | 97.4% | $261,089 |
| North Bethesda | 4 | 98.3% | $739,500 |
| Olney | 16 | 96.5% | $463,681 |
| Rockville | 53 | 95.8% | $516,019 |
| Silver Spring | 93 | 96.7% | $379,651 |
| Takoma Park | 7 | 99.0% | $469,286 |
| Burtonsville | 7 | 97.3% | $316,700 |
| Derwood | 4 | 94.2% | $458,750 |
| North Potomac | 7 | 96.9% | $469,129 |
| Potomac | 23 | 94.6% | $1,187,370 |
Fairfax County Home Prices, June 17 – August 17, 2008
| City | # Deals | Final v. List | Average Price |
| Alexandria | 242 | 97.2% | $405,202 |
| Annandale | 79 | 98.2% | $341,086 |
| Burke | 65 | 97.7% | $407,912 |
| Centreville | 108 | 98.2% | $364,926 |
| Chantilly | 27 | 98.7% | $410,371 |
| Fairfax | 120 | 97.0% | $459,455 |
| Falls Church | 126 | 96.8% | $397,655 |
| Herndon | 120 | 98.3% | $330,202 |
| Lorton | 47 | 98.5% | $356,367 |
| Mclean | 72 | 95.3% | $1,061,279 |
| Oakton | 34 | 97.5% | $708,478 |
| Reston | 83 | 96.9% | $411,189 |
| Springfield | 151 | 97.2% | $371,794 |
| Vienna | 88 | 97.3% | $651,039 |
| Oak Hill | 14 | 97.2% | $591,071 |
| Clifton | 10 | 96.4% | $651,235 |
| Fairfax Station | 14 | 97.7% | $732,464 |
| Great Falls | 20 | 94.7% | $1,011,500 |
