DC-Area Home Prices Shatter Record in April
✉️ Want to forward this article? Click here.
Home prices in the DC region reached an all-time high in April, shattering the previous record set last spring.
The median price of a home in the region in April rose to $640,000, Bright MLS reported in its latest housing report. This price point is well above the previous record for the area, which was $605,000 set back in May. Since 2017, the median home price in the region has risen nearly $200,000.
story continues below
loading...story continues above
“The median price hit a new record high in April, despite elevated mortgage rates," Dr. Lisa Sturtevant, Chief Economist at Bright MLS, told UrbanTurf. "One big reason is the number of cash buyers in the region, who are not influenced by mortgage rates. In fact, in our recent Luxury Report, we found that about a third of luxury home sales in the DC region in Q1 2024 were all cash purchases.”
As has been the case in the DC region in the past several months, high home prices are not deterring buyers. Closed sales in April were up 7.4% year-over-year, and pending sales rose 4%, the first year-over-year increase in under contract sales since February 2022.
It also appears that inventory is coming back. April ended the month with almost 6,600 listings on the market, a 22% year-over-year increase.
See other articles related to: dc area home prices, dc housing market, dc housing market trends, dc housing prices
This article originally published at https://dc.urbanturf.com/articles/blog/dc-area_home_prices_shatter_record_in_april/22293.
Most Popular... This Week • Last 30 Days • Ever
Monument Realty and Mosaic Realty Partners redevelopment plans for a surface parking ... read »
Plans to convert a downtown DC office building into a large apartment project continu... read »
Another missing middle development has been proposed along Brookland's main throughfa... read »
Kite House at The Parks at Walter Reed sold seven residences in September alone. The ... read »
Maybe it was falling interest rates or perhaps more homes hitting the market, but buy... read »
- 235-Unit Development With Public Park Pitched For Downtown Bethesda Looks To Move Forward
- 400-Unit Office-To-Residential Conversion Pitched in DC's West End Heads To BZA
- From One Home to 9 Apartments Along Brookland's Main Drag
- A No Down Payment Assistance Program at Kite House, DC’s Best Selling Condominium
- September Surge? Home Sales Pick Up In DC Area, But It May Not Last
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