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DC Area Market Heats Up in April, Home Prices Reach Highest Level Since 2007

by Lark Turner

DC Area Market Heats Up in April, Home Prices Reach Highest Level Since 2007: Figure 1
A home that went under contract in April.

April was another good month for the DC area housing market.

On the heels of a strong March, sales heated up and prices headed north in April, according to a report released Monday by real estate research firm RealEstate Business Intelligence.

Every property segment of the regional market saw increased sales and contracts, and the market is responding with median prices that are at their highest level for the month of April since 2007, though they were up only slightly year-over-year. The median price for the region moved from $412,500 last year to $417,000, a modest increase of 1.1 percent. Falls Church and Arlington had the highest median sales price during the month and showed the largest year-over-year price growth; in DC, the median sales price went up 5 percent this year from last, from $499,900 to $524,900.

Closed home sales rose 9.9 percent from last April, reaching the highest total for the month since 2010. Pending sales were at their highest level since the peak of the housing boom in July 2005, according to RBI.

DC Area Market Heats Up in April, Home Prices Reach Highest Level Since 2007: Figure 2
Click to enlarge.

One of the most telling metrics from the report has to do with how quickly homes are selling. The median days-on-market for April was just two weeks or less, with townhomes selling in an average of 11 days. The report called that level “remarkably low,” especially given a jump in inventory: There were 23 percent more active listings at the end of this April than last, and 19 percent more new listings added during the month.

This article originally published at https://dc.urbanturf.com/articles/blog/dc_market_heats_up_in_april_with_median_sales_price_reaching_highest_level_/9867

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