D.C. Home Prices Hit Record High

D.C. Home Prices Hit Record High

D.C. home prices reached a record high in May, when the median sales price of homes in the city reached $599,000, according to MarketStats from Showing Time.This is reportedly the highest median home sales price ever for the city and is 5% higher than May of 2016.

The median home price in D.C. was more than double the national median for May, which was $288,000, 7.5% higher than last May. However, it still wasn’t the highest in the metro area.

Median Home Price for Entire Metro Area Also Highest Ever

The median sales price of homes in the Washington metro area also rose to $460,000, the highest ever and a 7% increase over last May. The record was previously set last June when the median price of homes in the area reached $446,000.

Falls Church had the highest median sales price of any locality in the metro area at $829,010 and Arlington County was next with $615,000.

Declining Housing Inventory a Factor in D.C. Home Prices

The price increases in the metro area are primarily attributed to a decline in housing inventory with fewer homes coming on the market in every locality in the area except the city itself. May actually marked the 13th consecutive month that housing inventory had declined in the area.

The City of Fairfax experienced the biggest decline, with inventory down 18.1% since last May, followed by Fairfax County, down 17.1%, Arlington County down 14.2% and Montgomery County, 11.8%. Ironically, in D.C. proper, the number of active listings actually rose by 7.4% over last year, but apparently not enough to keep up with demand and keep prices in check.

Here are a few other interesting housing stats from May for the D.C. metro area:
-Sellers, on average, received 98.8% of their original asking prices.
-Active listings were actually up by 3.3% over the previous month to 9,865.
-The average days on the market before selling was only 10, down from 13 a year ago.

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