Home | Newsletter | Advertise
loading...

DC Home Prices Shatter Record in May As Housing Market Rebounds From COVID-19

  • June 11th 2020

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

A DC home that went under contract in May.

DC home prices shattered their all-time record in May as the regional housing market continued its roller coaster ride as a result of the effects of COVID-19.

The median home price in DC came in at $660,000, a whopping $25,000 higher than the previous record for the city of $635,000 set last December. The median price for the DC area hit $500,000, just below the record high for the region. In Alexandria,  single-family home prices hit a record of $964,000 and for the same property type in Prince George's County, home prices hit an all-time high for the third month in a row.  

Median home prices in May. Click to enlarge.

These skyrocketing prices are largely the result of a severe drop in homes for sale that is not matched by a similar drop in buyer demand. 

The inventory of homes for sale in the DC region was 32 percent lower last month than in May 2019, with new listings dropping off by double digit percentage points in every local jurisdiction. 

While the number of homes to go under contract in the DC region fell precipitously in the wake of the pandemic, things significantly bounced back in May. The number of homes to go under contract in the region jumped 34 percent between April and May, with a 61 percent rise in DC proper and a 44 percent jump in Montgomery County. 

Similar Posts:

This article originally published at https://dc.urbanturf.com/articles/blog/dc-home-prices-shatter-record-in-may-as-housing-market-rebounds-from-covid-/16941.

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