DC home prices hit a record high this year with a median sales price of $460,000 in the city. That’s the highest median sales price ever in the District of Columbia and a 13.6% increase from last year according to RealEstate Business Intelligence.
Home prices in Northern Virginia experienced an even steeper increase between March 2012 and March 2013. Alexandria City prices rose 24.4% to a median of $487,500, and home prices in Falls Church City were up 37.7% to $631,000. Only one jurisdiction in the report experienced a decrease in median sales price; Fairfax City median prices decreased by 11.5%.
You might think that DC home prices are scaring buyers away, but it’s just the opposite! The rates of home sales are the highest we’ve seen in eight years
The Washington DC real estate market statistics for December 2012 have been released by MRIS. The statistics show that the Washington DC real estate market continues to be a sellers market. The lack of inventory remains a serious concern for the overall health of the market. The DC market has never seen supply levels so low. The active listings in December were down almost 40% from the previous year. The low inventory levels are pushing prices up. In December the median sold price was up 9.9% from the previous year. The average days on market in DC for December was 58 days.
Washington DC Real Estate Market Stats for September 2012
The Washington DC real estate market stats are out from the MLS. The median sold price in Washington DC for September 2012 was $417,500 which is down from $439,000 in August 2012. While the median sold price is down 4.9% from August it is up 9.9% from September 2011. The highest median sold price in the last two years in the Washington DC market was in June 2012 when it topped out at $460,000. The fall in the median sale price can most likely be attributed to seasonal averages(Market is usually hotter in June/July) and the lack of inventory in the district. The number of active listings in September in Washington DC was 1,485. The five year average for active listings in the district is
Compass is a licensed real estate brokerage that abides by Equal Housing Opportunity laws. Information is compiled from sources deemed reliable but is not guaranteed. All measurements and square footages are approximate. This is not intended to solicit property already listed. Compass is licensed as Compass Real Estate in DC and as Compass in Virginia and Maryland. 1313 14th Street NW, Washington, DC 20005 | 202.386.6330