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DC’s Median House Price Rises Above $1 Million For First Time in October

by UrbanTurf Staff

A home that recently sold in Chevy Chase DC.

DC home prices set two records in October. 

The median home price came in at $675,000, a year-over-year increase of almost 17% and $15,000 higher than the previous record home price for the city, according to a new report out today from Bright MLS.

However, prices for single-family homes in the city went through the roof. 

Single-family home prices in DC over the last five years. Click to enlarge.

The median price for a single-family home crossed the $1 million threshold for the first time last month. Prices rose 24% year-over-year to a median of $1.1 million. It was a jump of more than $200,000 in just 12 months.

"Strengthened by low interest rates and a recovering local economy, the DC Metro area continued to see record-setting median sales prices, with gains  particularly among higher-end homes," the October report stated. 

Despite the rising prices, homes continued to fly off the market. Properties were selling in about a week or less in every local jurisdiction. Single-family homes in Alexandria were selling in just five days. 

This article originally published at http://dc.urbanturf.com/articles/blog/dc-median-house-price-rises-above-1-million-for-first-time-in-october/17518

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