The Washington DC housing market has seen a huge decline in available homes for sale because the demand is great. buyers are snapping up properties in shorter and shorter periods of time, reducing the number of available homes. And, Real Estate Business Intelligence, which supplied the data, reports that homes for sale in DC are on the market for a median of just nine days, and that the median price of homes sold has grown by 5.8 percent in the past year, from $520,000 to $550,000. The short article does not say why this is, but gives this advice to those wanting to buy:
"You’ll need to be fast and flexible. It’s more crucial than ever to know what homes are being listed and to immediately place a bid if your dream house pops up on the market. Want to wait a week to think it over? You may be out of luck."