Home | Newsletter | Advertise
loading...

$570,000: DC Home Prices Remain at Record Highs in July

  • August 10, 2016

by UrbanTurf Staff

$570,000: DC Home Prices Remain at Record Highs in July: Figure 1
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.

$570,000: DC Home Prices Remain at Record Highs in July: Figure 2
Median prices in DC since 2006. Click to enlarge.

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 http://dc.urbanturf.com/articles/blog/570000_dc_home_prices_remain_at_record_highs_in_july/11544

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!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse