What's Hot: RFK Stadium Cleared For Demolition | Airbnb Unveils Icons
DC Area Home Prices Reach Decade-High Levels in July
It's a new month, but a similar story for the DC area housing market.
The latest report out from Bright MLS for the regional housing market in July reveals that the trends from past months continue: record home prices, a high volume of pending and closed sales and an inventory of homes for sale that remains low by historical standards.
At $455,000 the median home price for the DC area reached its highest level in a decade for the month of July, up $15,000 compared to last year. July home prices were 28 percent higher than the low for the month of $355,000 set in 2009. In DC proper, prices fell ever so slightly by 0.1 percent to $569,500.
story continues below
loading...story continues above
The idea that rising interest rates are affecting buyer demand isn't proving to be true in the DC area, so far. There were 5,223 closed sales in the region last month, up 1.3 percent from last year.
"July’s closed sales were 34.5% above the July 2010 market low of 3,882 and were just two sales below July 2015’s record of 5,225," the report stated.
As for inventory, it continues to be low by historical standards. There were 9,622 active listings on the market at the end of July, down 6.4 percent compared to last year. Inventories dropped in every property category: single-family home supply dropped 8.8 percent, townhome inventory fell 4.3 percent and condo supply dropped 2.6 percent.
"This report was to be expected," Adam Iobst of Bright MLS told UrbanTurf. "It continues to be a favorable market for sellers in the region."
See other articles related to: dc home and condo prices, dc housing inventory, dc housing market, dc housing prices
This article originally published at https://dc.urbanturf.com/articles/blog/dc-area-home-prices-reach-decade-high-levels-in-july/14303.
Most Popular... This Week • Last 30 Days • Ever
Georgetown Metropolitan reported on Tuesday that the Instagram account for the nation... read »
A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »
The National Park Service has given the green light for DC's 62 year-old stadium to b... read »
UrbanTurf continues our tour of neighborhood developments around the region as we tak... read »
A regular inclusion as one of DC's most expensive housing markets, Georgetown remains... 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