Home | Newsletter | Advertise
loading...

DC Area Home Prices Rise 10.7 Percent

  • February 11th 2013

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

DC Area Home Prices Rise 10.7 Percent: Figure 1
Changes in DC Area Home Prices, By Region.

DC area home prices rose 10.7 percent in January, and it was the fourth month in a row that prices increased by double digits.

A report released today by RealEstate Business Intelligence (RBI) revealed that the median home price for the area in January was $343,200, almost 11 percent higher than one year ago. Prices rose by double digits (year-over-year) in six of the eight jurisdictions covered in the region. In DC proper, prices rose 12.3 percent, from $375,000 to $421,000.

The main force putting upward pressure on prices is a familiar trend for area home buyers: low inventory.

Like December, there were over 4,000 fewer active listings at the end of January 2013 than in January 2012. The total number of new listings added in the area last month (4,004) was the lowest for any January in over 15 years.

While sellers may continue to sit on the sidelines, buyers are as active as ever. Contract activity rose 26.4 percent month-over-month, well above the 10-year December-to-January average of 16.9 percent. The property category leading the way in January was condos, where the contract activity was 10.3 percent higher than a year earlier.

Another interesting takeaway from RBI’s report: Arlington County was the one jurisdiction where prices fell year-over-year. RBI gave the following explanation for the drop in prices:

“It is more reflective of the type of properties available than softening demand. Condos made up 55.1 percent of all sales in the County in January 2013 compared to 48.3 percent this time last year, and these properties tend to have lower price points.”

The area that RBI analyzes includes DC, Montgomery County, Prince George’s County, Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City.

Similar Posts:

Condo pictured in thumbnail for sale at 1525 Q Street NW.

This article originally published at https://dc.urbanturf.com/articles/blog/dc_area_home_prices_rise_10.7_percent/6639.

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