DC Area Market Heats Up in April, Home Prices Reach Highest Level Since 2007
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.
story continues below
loading...story continues above
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.
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.
See other articles related to: dc home and condo prices, dc home prices, dc housing inventory, dc housing prices, home sales, rbi, realestate business intelligence
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.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- The Price For A House in The DC Area Hit A New High in April
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
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