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DC Area Median Home Prices Reach Highest Level Since 2008

by UrbanTurf Staff

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Click to enlarge.

The median sale price for homes in the DC area has reached $400,000 for the first time in four years, according to a report released this morning.

The report from RealEstate Business Intelligence (RBI) revealed that the median home price for the region in June was $400,000, 5.3 percent higher than June 2011 ($379,990), and approximately $9,000 higher than the median price from last month. In DC proper, prices rose 4.6 percent, from $435,000 to $455,000, but the largest gain in the area was seen in Montgomery County, where prices rose 8.4 percent since last June.

Along with the median price gain, the other news from the report was data that signaled the increasing strength of the region’s condo market:

The 1,133 condo sales in June represent a 13.9 percent increase from last year, and the second consecutive month of double digit year-over-year growth…the condo market [also] experienced the sharpest growth in median sales price, rising 12.0 percent from this time last year, a $30,000 increase in value.

image
Click to enlarge.

While the report generally provided good news, the low inventory numbers indicate that a lot of potential sellers are likely sitting on the sidelines. At the end of last month, there were 33.2 percent fewer active listings on the market compared to June 2011, marking the 16th consecutive month of year-over-year declines. Also, the 5,588 new listings entering the market last month was the lowest level for June since RBI started tracking data for the area.

The area that RBI analyzes includes DC, Montgomery County, Prince George’s County, Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City. For more granular statistics of specific zip codes or areas, click here.

**Home pictured in thumbnail is for sale at 4101 Albemarle Street NW.

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This article originally published at http://dc.urbanturf.com/articles/blog/dc_median_home_price_reach_highest_level_since_2008/5745

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