DC Area Home Prices Hit Highest Level For the Month of April in a Decade

• May 10, 2016

by Nena Perry-Brown

Median home prices for the DC area.

Home prices and closed sales in the DC area reached ten-year highs for the month of April, according to the latest monthly analysis from RealEstate Business Intelligence released on Tuesday.

The median sales price for the region hit $419,250 in April, up 5.1 percent from last month and at the highest level for the month in the past decade. Closed sales for the month came in at 4,678, almost a ten percent increase over last year.

Prices varied by jurisdiction, rising in Montgomery County and Prince George’s County, falling in Falls Church and remaining flat in DC proper. Despite the high level of closed sales, active inventories continued their year-over-year rise, albeit with a more-marginal 2.3 percent increase compared to April 2015. New listings rose just 1.1 percent year-over-year, nonetheless reaching the highest level for new listings in April since 2010.

“The April new listings are 40.3% above the 10-year low of 6,280 seen in April 2012 and are only 7% off the April 2007 market peak of 9,477,” the report stated.

Listed homes in the region spent a median of 14 days on the market in April, although this also varied based on location. For example, in DC proper the median days on market was ten days, while in Prince George’s County it was 25 days.

A few other highlights from the April report:

• Home prices are 3.8 percent higher than the 5-year average of $404,050, and 9.4 percent higher than the 10-year average of $383,125.
• With 4,678 closed sales, this April set a new decade high, surpassing by 2.6 percent the previous high of 4,561 set in 2010. This is also a 49.1 percent increase over the 2008 market low of 3,138.

Thumbnail photo is of a home that sold recently on Warren Street on Capitol Hill.

RBI defines the DC metropolitan area as including: Washington, D.C.; Montgomery County and Prince George’s County in Maryland; and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia.

This article originally published at http://dc.urbanturf.com/articles/blog/dc_housing_prices_and_sales_hit_ten-year_highs_for_april/11209