What's Hot: New Model Debuts at Capitol Hill's Luxury, Elevator Townhomes | The Costs and Profits of a DC Condo Conversion, Revisited
DC Home Prices Rise in May as Inventory Dwindles
For the second month in a row, home prices in the DC area rose significantly as the inventory of homes for sale continued to shrink.
A report from RealEstate Business Intelligence (RBI) released today revealed that the median home price for the region in May was $392,500, 11 percent higher than May 2011 (and approximately $20,000 higher than the median price from last month). This gain follows an 11.2 percent rise in home prices between April 2011 and April 2012, and marks the fourth consecutive month of annual increases for the region. In DC proper, prices rose 4.9 percent, from $429,000 to $450,000.
However, a shrinking inventory of homes for sale is part of the reason that prices are faring so well, RBI revealed:
There were 10,510 active listings in the DC area at the end of May, a 32.4 percent decline from May 2011. This is the 15th consecutive year-over-year inventory decline. The shrinking supply indicates a stabilizing market, as sales have increased and listings have declined. As interest rates remain low and demand rises, the low supply will continue to put upward pressure on prices. In May, 6,084 new listings entered the market, which is 6.7 percent below the previous year and the 11th year-over-year decline in new listings in the past twelve months.
As the number of “normal” homes for sale declines, so does the number of distressed properties. The report stated that active foreclosure listings are down 69.5 percent year-over-year, and that at 15.8 percent, “the proportion of active listings that are classified as distressed properties is at its lowest level since MRIS began tracking them in April 2009.”
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. For more granular statistics of specific zip codes or areas, click here.
**Home pictured in thumbnail is for sale at 819 Q Street NW.
Similar Posts:
See other articles related to: realestate business intelligence, mris, home values, home prices, dclofts, dc home prices
This article originally published at https://dc.urbanturf.com/articles/blog/dc_home_prices_rise_11_percent_in_may/5638
Play to hear Jason in him own words
UrbanTurf Listings showcases the DC metro area's best properties available for sale.
Most Popular... This Week • Last 30 Days • Ever
A panel hosted by the Metropolitan Washington Council of Governments shed more light ... read »
Following news that the retail outlet is replacing Best Buy in Tenleytown, UrbanTurf ... read »
Over 1.5 years since our last examination, both home prices and construction costs ha... read »
Nearly six months after a PUD was approved for two of the last remaining Waterfront S... read »
A bill was introduced in DC last month to increase the homestead deduction, but an an... 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. Visit guides.urbanturf.com or start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Northern Virginia
Profiles of 14 neighborhoods across Northern Virginia
|
Ballston
Looking to Give People A Reason to Stay Past 6pm
|
Clarendon
Happily Straddling the Line Between City and Suburb
|
Columbia Pike
Arlington’s Neglected Stepchild is Getting a Makeover
|
|
Crystal City
Turning Lemons into Lemonade
|
Lyon Village
Developing An Air of Exclusivity?
|
Rosslyn
Hitting Its Growth Spurt
|
|
Shirlington
An Urban Village Hitting Its Stride
|
Del Ray
Virginia’s Small Town Near the Big City
|
Eisenhower Avenue
The Vibrancy Might Take a Few Years
|
|
Huntington
The Quiet Neighborhood By the Beltway
|
Old Town
Mayberry By The Potomac
|
Parkfairfax
132 Commerical-Free Acres
|
|
Downtown Falls Church
Staying the Same in the Midst of Change
|
Tysons Corner
Radical Change Could Be On The Way
|
Maryland
Profiles of 14 neighborhoods in suburban Maryland
|
Annapolis
Small-Town Living in the State Capital
|
Bethesda
Bedroom Community Gets Buzzing Cache
|
Cabin John
In With The New While Maintaining the Old
|
|
Chevy Chase
Affluence, Green Lawns and Pricey Homes
|
Downtown Silver Spring
Experiencing a Resurgence After a Bumpy History
|
Potomac
A Suburb on Steroids
|
|
Rockville Town Square
Despite the Dynamism, Still Somewhat Generic
|
Takoma Park
More Than a Little Bit Quirky
|
Wheaton
A Foodie Magnet on the Verge of Change
|
|
Capitol Heights
Kudzu, Front Porches and Crime
|
Hyattsville
Glass Half Full or Half Empty?
|
Mount Rainier
Artists, Affordable Homes and A Silo Full of Corn
|
|
National Harbor
A Development Rises Next to the Potomac
|
Riverdale Park
A Town Looking For Its Identity
|
Northwest DC
30+ neighborhood profiles for the city's biggest quadrant
|
16th Street Heights
DC's Sleeper Neighborhood
|
Bloomingdale
Where (Almost) Everyone Knows Your Name
|
AU Park
One of DC’s Last Frontiers Before the Suburbs
|
|
Brightwood
DC’s Northern Neighborhood on the Cusp
|
Burleith
DC’s 535 House Neighborhood
|
Cathedral Heights
Do You Know Where That Is?
|
|
Chevy Chase DC
Not to Be Confused With the Other Chevy Chase
|
Cleveland Park
Coming Back After A Rough Year
|
Columbia Heights
DC’s Most Diverse Neighborhood, But For How Long?
|
|
Crestwood
An Island of Serenity East of the Park
|
Dupont Circle
The Best of DC (For a Price)
|
Foggy Bottom & West End
Where the Institutional Meets the International
|
|
Forest Hills
Ambassadors and Adventurous Architecture
|
Foxhall Village
350 Homes Just West of Georgetown
|
Friendship Heights
A Shopping Mecca With a Few Places to Live
|
|
Georgetown
History, Hoyas and H&M
|
Glover Park
One of DC’s Preppier and More Family-Friendly Neighborhoods
|
Kalorama
A Posh View From Embassy Row
|
|
LeDroit Park
A Quiet Enclave in the Middle of the City
|
Logan Circle
Trendy Now, But Not By Accident
|
Mount Pleasant
Sought-After Homes Surround Main Street in Transition
|
|
Mount Vernon Triangle
From Seedy to Sought-After
|
Palisades
The Long, Skinny Neighborhood at the City’s Northwest Edge
|
Park View
It’s Not Petworth
|
|
Penn Quarter/Chinatown
DC’s Go-Go-Go Neighborhood
|
Petworth
Getting a Vibrancy of Its Own
|
Shaw
The Duke’s Former Stomping Ground
|
|
Shepherd Park
DC’s Garden of Diversity
|
Spring Valley
A Suburb With a DC Zip Code
|
Takoma
Not To Be Confused With Takoma Park
|
|
Tenleytown
Not Quite Like Its Neighbors
|
U Street Corridor
The Difference a Decade Makes
|
Woodley Park
Deceptively Residential
|
|
Adams Morgan
No Longer DC’s Hippest Neighborhood, But Still Loved by Residents
|
Southwest DC
The little quadrant that could
|
Southwest Waterfront
A Neighborhood Where A Change Is Gonna Come
|
Northeast DC
Profiles of 10 neighborhoods in NE
|
Brookland
New Development Could Shake Up Pastoral Peace
|
Deanwood
A Little Bit of Country Just Inside the District’s Borders
|
Eckington
Not to Be Confused With Bloomingdale
|
|
Fort Totten
Five Years Could Make a Big Difference
|
H Street
A Place To Party, and To Settle Down
|
Langdon
The Northeast Neighborhood That Few Know About
|
|
Michigan Park
A Newsletter-On-Your-Doorstep Community
|
NoMa
Evolving from a Brand to a Neighborhood
|
Rosedale
Ripe for Investment Right About Now
|
|
Trinidad
The Difference 5 Years Makes
|
Woodridge
Big Houses, A Dusty Commercial Strip and Potential
|
Southeast DC
6 neighborhoods from Capitol Hill to East of the River
|
Capitol Riverfront
Still Growing
|
Hill East
Capitol Hill’s Lesser Known Neighbor
|
Congress Heights
Gradually Rising
|
|
Hillcrest
Notable for Its Neighborliness
|
Historic Anacostia
Future Promise Breeds Cautious Optimism
|
Eastern Market
A More European Way of Living
|
Off the Beaten Turf
Overlooked parks, shops, cafes, and miscellany throughout DC
Unique Spaces
Awesome and unusual real estate from across the DC Metro
