DC Home Prices Rise For 24th Month As Weather Slows Sales

  • February 10th 2014

by UrbanTurf Staff

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DC Home Prices Rise For 24th Month As Weather Slows Sales: Figure 1
A home that recently sold on Massachusetts Avenue.

If you purchased a home in the DC area back in 2011, chances are it is worth a good deal more today.

The median sales price for homes in the region increased 7.8 percent between January 2013 and January 2014 to $370,000, according to a report released by RealEstate Business Intelligence (RBI) Monday morning. However, the more dramatic news was that January marked the 24th consecutive month that home prices rose on an annual basis. The median sales price for the region back in December 2011 was $330,000.

Home prices rose the most last month in Fairfax, increasing 16.5 percent from January 2013. Prince George’s County prices increased by nearly as much (16.1 percent); in DC proper, prices rose 11.6 percent, from $421,000 to $470,000. A drop of 36 percent for prices in Falls Church looks significant, but as RBI points out, “with only 6 sales, this decline does not represent a drastic change in property values as comparing small sample sizes typically results in large swings in any median metrics.”

DC Home Prices Rise For 24th Month As Weather Slows Sales: Figure 2

While values continue to rise, home sales were hit by a bit of a polar vortex effect.

There were 3,504 new contracts signed in January, 10.5 percent fewer than this time last year. New contracts for detached homes had the sharpest drop, falling 15 percent. New contracts for townhomes decreased 7 percent while those for condos fell 5.9 percent. Closed sales for all property types were also about two percent lower than the previous January.

As for inventory, January marked the fourth consecutive month that the region had more active listings than the year before. The 6,745 listings represent an 11.5 percent increase over January 2013. Even with this increase, supply remains tight and is only 26 percent of its 2007 peak level.

Data provided by RealEstate Business Intelligence, a subsidiary of MRIS.

This article originally published at https://dc.urbanturf.com/articles/blog/dc_home_prices_rise_for_24th_month_as_weather_slows_january_sales/8103.

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