BUSINESS

D.C. area home prices skyrocket to 2007 levels

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Not even a little rain can cool the rising heat of the D.C. housing market. According to new data out from George Mason University's Center for Regional Analysis, February home prices and home sales are sky high and reaching their highest February level since 2007.

Overall home sales in the D.C. Metro saw more than an average 11 percent increase, with D.C. proper at just over an 8 percent.

Montgomery County home sales averaged at a 10 percent jump and in Falls Church City, median sales prices jumped a staggering 31 percent.

Local listings in Falls Church City show there are only a handful on the market. With its close proximity to D.C. and areas like Tysons Corner, residents tell us home owners are selling their property just as quickly as they're putting for sale signs in their yards.

“I feel like if I put my house on the market today, I would have an offer on it today,” says Falls Church resident Mona Lindeman.

George Mason's data confirms that low inventory is pushing the average sell-to-list price ratio to its highest levels in years. They also report that new listings are on the rise, meaning buyers could soon have more to choose from.

“I think partly just everyone is feeling a bit more hopeful and so that's probably make an impact,” Lindeman says.

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