Home | Newsletter | Advertise
loading...

DC Area Home Prices Hit Record High in April

  • May 13th 2019

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

A home that sold in Bethesda in April.

The DC-area housing market roared back in April. 

After months of declining sales and rising inventory, the April housing report by ShowingTime revealed a market in which record home prices were side-by-side with robust sales. 

The median home price in the DC area hit an all-time high of $475,000 in April, a 5.6 percent year-over-year increase. Home prices rose in every jurisdiction in the area, except for DC proper where they fell by less than a percent. 

"[The record prices] were driven by a 6.4 percent increase in condo pricing along with a higher ratio of single family homes sold as compared to condos and townhouses,” said Andrew Strauch, Vice President at Bright MLS. 

Despite prices hitting an all-time high, home buyers were undeterred. There were just shy of 5,000 closed sales in the region in April, the highest level for the month in ten years. It was also the first month since last July that home sales rose on an annual basis. What's more, buyers were not getting a discount. The average percent of original list price received at closing was 99.3 percent, the highest level for the month of April in the last decade. 

Prospective home buyers who were optimistic that the inventory of homes for sale would continue to rise in the coming months will be disappointed by the news in April. Driven by rising sales and fewer new listings coming online, the inventory of homes for sale in the region fell 13 percent last month and are now just six percent above the 2013 low of 7,123 active listings. The inventory for every property type fell, with condo supply dropping by 26 percent. 

Photo courtesy of HomeVisit.

Similar Articles:

This article originally published at https://dc.urbanturf.com/articles/blog/april-is-hottest-month-for-dc-area-housing-market/15385.

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. 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