Just Shy of $600,000: DC Home Prices Hit Record High

• June 12, 2017

by Nena Perry-Brown

A Logan Circle home that sold in May.

It’s official: home prices have never been higher in the DC region. Pent-up housing demand reached a fever pitch last month, as the median home price hit an all-time record.

The median sales price of a home in the area rose 7 percent year-over-year to reach $460,000 in May, according to the latest monthly report from Brightly MLS out Monday. The previous record for the region was $446,000 set last June.

Record home prices were also set in DC proper. In May, the median price just barely missed hitting the $600,000 mark for the first time, coming in at $599,000, a five percent increase from last May. Alexandria City was the lone locale in the region where the median sales price decreased year-over-year, dropping by almost 12 percent.

As has been the case for the past year, increasing prices have not diminished buyer demand. Closed sales reached a ten-year high in May, rising 3.5 percent over May 2016. Sales in DC proper rose 7.6 percent.

Change in inventory between May 2016 and May 2017

May was also the 13th consecutive month with year-over-year inventory declines, with the 9,865 active listings at the end of the month a nearly 11 percent drop from last May and the lowest level for the month since 2013. However, the District stands alone in actually showing a year-over-year increase in inventory, with active listings going up by 7.4 percent.

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• North of $700: The Highest Prices Per Square Foot in DC

This article originally published at http://dc.urbanturf.com/articles/blog/just_shy_of_600000_DC_Home_Prices_Hit_Record_High/12673