Home | Newsletter | Advertise
loading...

New Month, Same Story: Home Prices Rise in DC Area As Supply Suffers

  • February 12th

by UrbanTurf Staff

3805-kansas.jpg
A home that sold in Petworth. 

The narrative of the regional housing market in recent months was one of high prices and little inventory, and January was no exception.

Home prices rose 7% in the DC region in January, according to a new report out today from Bright MLS. Prices increased in all but two local jurisdictions with Fairfax (12.9%) and DC (10.4%) leading the way.

"Prices in the region have been rising steadily since last summer and the median price is now 29% higher than it was in January 2019," the report stated.

stats.jpg
From Bright MLS. Click to enlarge.

The "golden handcuff" effect continues to weigh on the market, as homeowners who locked in low interest rates over the last five years have little incentive to list their homes when faced with buying a home at today's higher rates. Active listings dropping 5% compared to a year ago is a prime example of this effect. 

"Showing activity and new pending sales were lower in January than they were last year, but that lower activity does not indicate a falling off of demand," the report said. "Rather, a lack of inventory continues to be the major constraint on the Washington, D.C. metro area housing market."

This article originally published at https://dc.urbanturf.com/articles/blog/new_month_same_story_home_prices_rise_in_dc_area_as_supply_suffers/21954.

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

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse