D.C. housing prices, it’s no surprise, have been increasingly sharply in recent years. But recently D.C. housing prices have marked record territory in median sales price of nearly $500,000 in May, with homes selling exceptionally quickly.
The average time a home in D.C. was on the market nine days lately, about twice as fast as they sold a year ago, according to the RealEstate Business Intelligence. Homes were on the market an average of 11 days in April and 15 days in March, even with 20% more listings than a year ago, although listings are still slim.
The average home prices rose 8.9% in May from a year prior to $490,000, the highest of D.C. housing prices recorded in May. That’s more than $30,000 higher than in May last year and $70,000 in May 2011. In the D.C. metro region, the median price of homes rose to $424,800, also a record for May.
Prince George’s County noted the most significant rise in housing prices, with prices in May up nearly 19% year over year and 11% year to day. The only D.C. metro region to note year-to-date losses in D.C. housing prices was the Fairfax City region, which is down 4.6%. Fairfax City, along with Falls Church City, were the only two regions to report year-over-year losses in May, down 9.2% and 28.8% respectively.
The D.C. housing prices may at first seem off-putting to buyers, but the RealEstate Business Intelligence report suggests that the D.C. housing prices may encourage more homeowners to list their homes, which would ease the pressure on the prices with a bigger inventory.
Condos are the properties that are leading the sales growth in D.C. while townhomes are leading growth in the broader region. New contracts for townhomes rose 12.5% in May over a year prior, proving demand even amid the rising D.C. housing prices.