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As DC’s Median Home Price Hits $700,000 For First Time, Buyers Take Notice

by UrbanTurf Staff

A home on Capitol Hill that went under contract in June.

The median home price in DC hit $700,000 for the first time in June and that new high may be affecting homebuyer demand a bit. 

The number of pending home sales in the region dropped 7% compared to May, according to a new Bright MLS report out today, and home showings dipped 18%. New listings hitting the market in June also rose year-over-year by at least 24% in every local jurisdiction, providing some relief to a market plagued by a shortage of homes for sale. 

“Several of the needles moved incrementally in June, suggesting that the tight grip on buyers could be easing a bit," real estate economist Dr. Elliot Eisenberg told UrbanTurf. "While still a very strong seller’s market, new listings are up and pending sales are down. The Bright MLS T3 Home Demand Index also fell for the second consecutive month." 

Summer is typically a time when homebuyer demand drops, so it's hard to read too much into one month of numbers. It should also be noted that the median sales price to original list price ratio for the entire region rose above 100% for the first time in June, an indication of continued competition among buyers.

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This article originally published at http://dc.urbanturf.com/articles/blog/as-dc-home-prices-hit-700000-for-first-time-buyers-take-notice/18484

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