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…
