DC-Area Home Prices Shatter Record in April
✉️ Want to forward this article? Click here.
![10216-lorain.jpg](https://assets.urbanturf.com/dc/images/blog/2024/05/10216-lorain.jpg)
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
![Buying with Friends: What You Should Know](https://assets.urbanturf.com/dc/images/blog/2010/05/home_value.jpg)
Here are some precautions to take before buying real estate with a buddy.... read »
![$10 Million McLean Home Of Former Nationals Star Stephen Strasburg Finds a Buyer](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/VAFX2180246_45_0_image_560x420.jpg)
The six-bedroom home listed for just south of $10 million back in June went under con... read »
![16-Story, 325-Unit Building Pitched For Arlington's Wilson Boulevard](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/2500-wilson-1_image_560x420.jpg)
The new project will take the place of an obsolete office building in Courthouse.... read »
![Mayor Bowser Announces First Office-To-Residential Projects To Receive Tax Abatements](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/1625-mass-1_image_560x420.jpg)
The three office-to-residential conversion projects have been conditionally awarded t... read »
![500 Apartments, Live/Work Units And A Park: The New Plans Coming To St. Elizabeths](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/parcel-6-park_image_560x420.jpg)
The plans for one of the final parcels at DC's St. Elizabeth's East campus are beginn... read »
- Buying with Friends: What You Should Know
- $10 Million McLean Home Of Former Nationals Star Stephen Strasburg Finds a Buyer
- 16-Story, 325-Unit Building Pitched For Arlington's Wilson Boulevard
- Mayor Bowser Announces First Office-To-Residential Projects To Receive Tax Abatements
- 500 Apartments, Live/Work Units And A Park: The New Plans Coming To St. Elizabeths
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