What's Hot: Douglas Development Files PUD For Large Warehouse At New City Site Along New York Avenue
DC Home Prices Rise For 24th Month As Weather Slows Sales
✉️ Want to forward this article? Click here.
![DC Home Prices Rise For 24th Month As Weather Slows Sales: Figure 1](https://assets.urbanturf.com/dc/images/blog/2014/02/5036_Massachusetts_Ave_NW.jpg)
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](https://assets.urbanturf.com/dc/images/blog/2014/02/median_sales_jan_2014.jpg)
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.
See other articles related to: dc home and condo prices, dc home prices, dc housing prices, realestate business intelligence
This article originally published at https://dc.urbanturf.com/articles/blog/dc_home_prices_rise_for_24th_month_as_weather_slows_january_sales/8103.
Most Popular... This Week • Last 30 Days • Ever
![First-Timer Primer: Tax Relief for DC Homeowners](https://assets.urbanturf.com/dc/images/blog/2013/02/Homestead_Exemption_280.jpg)
When you buy a home in the District, you will have to pay property taxes along with y... read »
![A 127-Unit Luxury Condo Building In The Works For Downtown DC](https://assets.urbanturf.com/dc/images/blog/2024/07/resized/950%203rd%20Street%20Dusk%20EXT_image_560x420.jpg)
The largest condominium building in downtown DC in recent memory is currently under c... read »
![HPO Recommends Approval For 160-Unit Office-To-Residential Conversion in Dupont Circle](https://assets.urbanturf.com/dc/images/blog/2024/06/resized/1201-Conn_image_560x420.jpg)
The plan to convert a Dupont Circle office building into a residential development ap... read »
![Beautifully Constructed Condominium in The Bridge District is Now 50% Sold](https://assets.urbanturf.com/dc/images/blog/2024/07/Riviere%20article/resized/2305%20Nicholson%20St%20SE%20405-0003_image_560x420.jpg)
The Rivière includes just 20 homes located on the eastern banks of the Anacostia Riv... read »
![Monday's Must Reads](https://assets.urbanturf.com/dc/images/blog/2024/07/resized/bubble_image_560x420.jpg)
Why Tyra Banks is serving ice cream in DC; a bike shop/record store opens in Adams Mo... 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