DC-Area Home Prices Set Record In April As Supply Soars

• May 12th

by UrbanTurf Staff

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Home prices in the DC area reached an all-time high in April, even as the inventory of listings for sale shot up. 

The median price of a home in the region in April rose to $655,215, Bright MLS reported in its latest housing report on Monday. This price point is about $15,000 above the previous record for the area of $640,000 set last spring. In DC proper, the median home price also broke a record, coming in at $750,000. Since 2017, the median home price in the region has risen nearly $220,000. 

With prices at new highs, homebuying activity slowed and homes are beginning to sit on the market. The number of pending sales in April was 6.6% lower than a year ago. As for supply, there were 9,815 active listings on the market at the end of April, a 49% increase over a year ago. Interestingly, the number new listings coming online was only up slightly compared to April 2024. 

“Mortgage rates have come down a little since the beginning of the year, which is good for home buyers,” according to Lisa Sturtevant, PhD, Chief Economist at Bright MLS. “But consumer confidence has fallen and people are feeling more anxious about the economy which is holding some buyers back this spring."

Photo by Derek and Vee. 

This article originally published at https://dc.urbanturf.com/articles/blog/dc-area_home_prices_set_record_in_april_supply_soars/23493.