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

by Nena Perry-Brown

Just Shy of $600,000: DC Home Prices Hit Record High: Figure 1
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.

Just Shy of $600,000: DC Home Prices Hit Record High: Figure 2
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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This article originally published at https://dc.urbanturf.com/articles/blog/just_shy_of_600000_DC_Home_Prices_Hit_Record_High/12673

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