Metropolitan Statistical Area (MSA):
Washington, NC is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Washington, NC metropolitan statistical area (MSA) is in the midst of a housing market boom. The combination of low interest rates, strong job growth, and limited supply of homes for sale has resulted in rapidly rising home prices and bidding wars for properties in many parts of the MSA.
The median sales price for a home in the MSA was $225,000 in 2017, up 11.3% from 2016. This is well above the national average of $564,000. The number of homes sold also increased by 9.2% to 3,870 units. The average days on market declined by 7 days to just 45 days. This is a clear indication that buyers are willing to pay top dollar for properties that they are interested in and that there is significant competition for available homes.
The strongest growth has been seen in the luxury home market, where prices have increased by an astounding 20% over the past year. Sales of homes priced at $1 million or more have nearly doubled in 2017 compared to 2016 levels. This trend is being driven by buyers who are relocating to the MSA from other parts of the country (particularly California) as well as local buyers who are taking advantage of low interest rates to trade up to a larger or more luxurious home than they could previously afford.
With demand for housing remaining strong and supply still relatively tight, it seems likely that prices will continue to rise throughout 2018 at a rate similar to or slightly higher than what we saw last year. If you're thinking about buying a home in the MSA, it's important to be prepared to act quickly and pay close attention to new listings so you don't miss out on your dream property!