A Capitol Hill home that sold for $60,000 above its asking price last month.
Home prices in DC proper maintained their record highs last month as sales volume for the region dropped for the first time in almost two years.
The median sales price for a home in DC in July was $570,000, according to the latest monthly report from RealEstate Business Intelligence. Coupled with a $570,500 median in May, July’s price point represented the highest median on record for the city. In comparison, the median price for the DC region came in $125,000 lower at $435,000.
While prices remained high in the District, sales volume dropped off in the area. Closed sales clocked in just above 5,000 last month, a 3.4 percent drop compared to last July and the first time since November 2014 that sales fell on a year-over-year basis.
Despite a lower sales volume, the inventory of homes in the region continued its decline for the third straight month, further confirmation of Elliot Eisenberg’s prediction from the beginning of the year. New listings dropped 8.6 percent compared to July 2015, and 17 percent versus last month. The overall active inventory in the area sat just below 11,000, a 13 percent drop from last year.
This article originally published at https://dc.urbanturf.com/articles/blog/570000_dc_home_prices_remain_at_record_highs_in_july/11544.
Most Popular... This Week • Last 30 Days • Ever
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Eights month after a new proposal to redevelop part of the Takoma Metro station was p... read »
The new images provide a better sense of the big residential plans in the works for t... read »
As we approach the end of the year, UrbanTurf is taking a final look at the DC neighb... read »
Crescent Communities recently filed plans with Montgomery County for Novel Bethesda, ... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
Plans for the New York-based eatery appear to be moving forward.... read »
The development for four parcels at The Yards from Brookfield Properties and the Menk... read »
The zip codes that are home to Brentwood, Takoma Park and sections of Hyattsville top... read »
EDENS filed a planned unit development for a two-building residential development tha... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro