Home prices have never been higher in the DC area, but sales are keeping pace.
A report out today on the regional housing market from Bright MLS finds that the median home price in DC was $686,500 in May, $11,000 higher than the previous record high for the city set last October. The median home price for the DC area hit $570,000, also a record and a 14% increase compared to last May.
Continuing with the theme that there is very little that can slow down the current market, a record number of homes went under contract in May despite prices hitting a new high. Approximately 7,050 homes found buyers last month, a 6% increase compared to April. It is the first time that monthly pending sales have ever exceeded 7,000.
"Despite significantly higher home prices in the DC area, buyers do not seem off put," real estate economist Dr. Elliot Eisenberg told UrbanTurf. "This is the highest May increase in prices in at least a decade, and buyer resistance is nowhere to be found. Had someone asked me a few years ago if we could see prices rise like this, yet see no decline in demand, I would have surely said no!"
Perhaps the best example of the climate of the market right now is what is happening with single-family homes priced above $950,000. This property type is seeing the strongest demand for any sector in the region. And in May, 60% of these listings sold for above asking price.
- 20% of Homes Sold in DC This Year Fetched $1 Million
- Quick Closings, Free Rent, Big Escalations: What's Behind DC's Above Asking Deals
This article originally published at http://dc.urbanturf.com/articles/blog/dc-home-prices-have-never-been-higher/18373
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