DC area home prices have never been higher.
The median home price in the region rose 3.5 percent to reach a record-high of $471,000 in June, according to the latest monthly report from Brightly MLS. The previous record was $460,000 set last May.
Record prices were also set in DC proper, with the median home price crossing the $600,000 mark for the first time. The price point of $603,375 is $4,000 higher than the previous record, also set last May. Arlington and Alexandria City were the only two locales in the region where prices dropped year-over-year.
So, are these record-setting prices affecting buyer demand? They might be.
There were 5,889 home sales in the region last month, down 4 percent compared to last June. Sales dropped in every regional jurisdiction except for Prince George's County where sales were flat. Pending sales, or homes that went under contract in June, were also down year-over-year, dropping by two percent. However, these closed and pending sale numbers are still above average.
"The number of pending sales in June is above the 5-year and 10-year average for the DC area," Adam Iobst of Bright MLS said. "So, although the number of new pending sales decreased 2% from last June, the number of pending sales is still high [historically speaking].
To put DC's record home prices in perspective, consider this: In June 2008, just before the housing crisis, median home prices in DC came in at $422,500, which means that prices have increased 35 percent over the last ten years in the city.
This article originally published at http://dc.urbanturf.com/articles/blog/north-of-600000-dc-home-prices-hit-record-high/14206
Most Popular... This Week • Last 30 Days • Ever
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
A look around DC to see where home sellers are dropping their prices.... read »
Just a month after setting a new high in March, the value of a house in DC skyrockete... read »
The National Capital Planning Commission will consider approval of the final master p... read »
The new five-level residential project is planned for the buildings at 1365-1375 H St... read »
Our guide for amateur landlords who don't really know what they're doing.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The eight-bedroom, 35,000 square-foot home known as The Cliffs hit the market Wednesd... read »
Brookfield Properties is moving forward with development plans for additional sites i... read »
The most detailed rendering yet has been unveiled for the 310-unit redevelopment of t... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro