Home | Newsletter | Advertise

DC Home Prices Hit a Record High in May, But So Did Sales

  • June 11th 2021

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

A DC home that sold in May.

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. 

Home prices in the DC area.

"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. 

Similar Posts:

This article originally published at https://dc.urbanturf.com/articles/blog/dc-home-prices-have-never-been-higher/18373.

Pipeline: New Condos & Apartments Coming to the DC Area

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

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse