how much are prices going up within beltway?

[Anonymous]

I saw this house in just sold (in less than a week) for 20% more than it sold for less than two years ago (I assume they got list price given very quick contract date)!

I know prices have increased since last year inside the beltway in VA (especially great neighborhoods), but this seems like a huge increase (and it doesn't seem like they have done much by way of renovation in looking at the older posting from 2010 vs. this one).

How much are prices going up within the beltway? My sense was single (vs. double) digits. Am I offbase?

http://www.redfin.com/homes-for-sale#!market=dc&max_price=1500000&min_price=1000000®ion_id=8760®ion_type=2&status=130&v=8

[Anonymous]

hard to tell off of one case - 2 years ago someone could have gotten a fantastic deal from a motivated seller and used the $8k tax credit. some people in our neighborhood certainly did in 2010. that credit seemed to push a lot of sellers to list and buyers to buy.

[Anonymous]

For an updated home with a good layout in a good neighborhood, prices are up. However, I think that's mainly due to very low supply and very high demand. There are very few "good" homes on the market right now relative to the number of buyers. That is pushing prices higher than, IMHO, they should be given that we're still in a recovery.

[Anonymous]

this is like saying, "how long is a piece of string" or "how much does it cost to paint a room?" It depends.

[Anonymous]

I posted on the Clarendon thread about this. NPR had a segment that basically outlined (about 4-5 years ago) how expensive real estate would become. The factors--people are going to more walkability, less commuting and the number 1 factor: there is no land left to build new homes on. You are left with an inventory problem.

[Anonymous]

In our neighborhood homes have been going for 5-15K above asking lately and nothing decent and priced approprately sits on the market longer than 2 weeks.