DC-Area Home Prices Nearly Break Record in March

  • April 10th

by UrbanTurf Staff

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.

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