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
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
The median price of a home in the region in April rose to $640,000, well above the pr... read »
This week's Best New Listings includes a four-bedroom home in Hyattsville, a chic Dup... read »
The question of too many schools; the dog-friendly rental cities; and the changes afo... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... 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