DC-Area Home Prices Nearly Break Record 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.
story continues below
loading...story continues above
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.
See other articles related to: dc area home prices, dc area housing supply, dc area market trends, dc housing market
This article originally published at https://dc.urbanturf.com/articles/blog/dc_area_home_prices_nearly_break_record_in_march/22175.
Most Popular... This Week • Last 30 Days • Ever
The big news in the development pipeline east of DC's H Street Corridor is the resur... read »
A new hotel has been pitched for a development site in Mount Vernon Triangle that has... read »
Rossdhu Gate is the remaining piece of a 30-room castle built by socialite Daisy Calh... read »
As profits drop around the country, sellers around DC are still realizing hefty retur... read »
Foxtrot closes up shop; the bus-only lanes coming to Georgia Avenue; and the new tier... read »
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
Unique Spaces
Awesome and unusual real estate from across the DC Metro