Home | Newsletter | Advertise
loading...

DC-Area Home Prices Nearly Break Record in March

  • April 10th 2024

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

5103-13th.jpg
A 16th Street Heights home that sold in March. 

DC-area home prices approached record highs in March as more homes trickled on the market. 

The latest report from Bright MLS found that the median home price in the region in March rose to $599,500, a 10% increase compared to last March. The price point is just $5,000 shy of the record set in May 2023. Home prices saw some of the biggest gains in Fairfax, Montgomery County and Arlington County.

Along with prices, the supply of homes for sale also rose, ending March up 4%, but that number is not necessarily an indication that supply is bouncing back. New listings, despite dropping 11% year-over-year, outpaced pending sales in March, so inventory ticked up. 

"The spring will be challenging for buyers as new listings have been slow to come to the Washington, D.C. metro area market and mortgage rates remain elevated," the Bright report stated. "Buyers who wait for lower mortgage rates later this year could find more inventory, but they will also face even more competition as rate drops entice more buyers into the market."

Photo courtesy of TruPlace. 

This article originally published at https://dc.urbanturf.com/articles/blog/dc_area_home_prices_nearly_break_record_in_march/22175.

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