What's Hot: Barnes and Noble Will Return to Georgetown in June | The 3,000 Units On The Boards From Trinidad to Gallaudet
Home Prices in DC Proper Drop (Barely) in April as Sales Fall
A Palisades home that went under contract in April.
For months, the regional housing market has been marked by a shrinking inventory and rising prices. However, last month’s market was far less predictable, with the District’s market cooling down slightly compared to that of the larger area.
Showing Time RBI’s April report out Wednesday morning states that home sales dropped throughout the region last month, and rather than being an anomaly in this dynamic, sales in DC proper actually saw the largest drop, dipping by 10.5 percent year-over-year.
April 2017 sales by jurisdiction
story continues below
loading...story continues above
Similarly, the median sales price in the District bucked regional trends, sliding to $519,950 from $525,000 a year ago. In contrast, the area median sales price for April hit a 10-year high at $436,500 — a roughly 4 percent increase both from March and year-over-year. If the number of days on the market is any indicator, prospective homebuyers may be more comfortable expanding their search outside the city, as the region has caught up with DC proper’s median of 10 days on the market.
April sales and median prices
Here are some other region-wide statistics on April’s market:
- Although sales are down, inventory still shrank by 14 percent year-over-year in April, marking the 12th consecutive month of year-over-year declines and the lowest April since 2014.
- All categories of housing saw double-digit decreases in active inventory year-over-year (down 17.3 percent for condos, down 14.9 percent for townhouses and down 12.2 percent for single-family detached houses).
Data provided by ShowingTime RBI based on listing activity from MRIS. RBI defines the DC metropolitan area as including: Washington, D.C.; Montgomery County and Prince George’s County in Maryland; and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia.
See other articles related to: dc area market trends, dc home and condo prices, dc home prices, dc home sales, dc housing inventory, rbi, realestate business intelligence
This article originally published at https://dc.urbanturf.com/articles/blog/april_med_sales_price_dc_proper_drops_barely/12549.
Most Popular... This Week • Last 30 Days • Ever
Rossdhu Gate is the remaining piece of a 30-room castle built by socialite Daisy Calh... read »
As profits drop around the country, sellers around DC are still realizing hefty retur... read »
A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »
The Gen Z market; ranking food halls around DC; and is this the new king of Queens?... read »
The term "luxury" has been applied broadly in the housing market, but a new report ai... 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. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro