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DC Home Prices Rise 10.1 Percent

by UrbanTurf Staff

DC Home Prices Rise 10.1 Percent: Figure 1
A home on Marion Street that sold for above asking in September.

Home prices in DC proper increased 10.1 percent in September from the previous year, as pending sales rose to their highest level for the month in a decade.

A report released by RealEstate Business Intelligence (RBI) on Monday revealed that the median home price for the city rose from $465,000 in September 2014 to $512,000 in September 2015. Prices also saw big gains in Falls Church (9.3 percent) and Arlington (8.5 percent), while rising just 2.6 percent in the region as a whole.

Increasing prices did not deter buyers, though. There were just over 4,100 closed home sales for the region in September, the highest level for the month since 2006 and a 15.4 percent increase over last year. Pending sales hit 4,781 in September, an increase of 12.5 percent compared to last year.

DC Home Prices Rise 10.1 Percent: Figure 2
Median sales prices by jurisdiction.

From the RBI report:

All market segments showed increases in the number of closed sales year-over-year. Detached single-family sales were up the most with a 20.3% increase to 1,984 sales. Condo sales increased by 15.2% to 1,113 and townhome sales were up 7.3% to 1,020.

Here are a few other interesting statistics from the report:

  • Inventory in the region rose to 12,955 active listings, the 24th month in a row that inventory has increased. The total number of active listings equates to 3.2 months of supply, still solidly a seller’s market.
  • Median days-on-market increased to 27, just one day below the five-year average for the month.

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.

This article originally published at https://dc.urbanturf.com/articles/blog/dc_home_prices_rise_10.1_percent_in_september/10440

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