North of $600,000: DC Home Prices Hit Record High
✉️ Want to forward this article? Click here.

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.
story continues below
loading...story continues above
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.
Similar Posts:
See other articles related to: dc area condo market, dc area home prices, dc home and condo prices, dc home price apprecitation, dc home prices, dc housing inventory, dc housing prices
This article originally published at https://dc.urbanturf.com/articles/blog/north-of-600000-dc-home-prices-hit-record-high/14206.
Most Popular... This Week • Last 30 Days • Ever

Airbnb has introduced a new component of its platform that marks a significant shift... read »

As a homeowner, it's important to understand the types of insurance you need to prote... read »

The Hoffman & Associates project is having difficultly securing financing.... read »

While the number of homes on the market is much higher than last year, that probably ... read »

This week’s Best New Listings includes a cozy one-bedroom in Adams Morgan and a fiv... read »
- Massages? In-House Chefs? Airbnb Introduces Services
- What Types of Insurance Do You Need When You Own a Home?
- 445-Unit Mixed-Use Development Adjacent to Audi Field Will Be Delayed
- DC-Area Home Prices Set Record In April As Supply Soars
- Best New Listings: In The Middle Of Adams Morgan, In The Woods Of Forest Hills
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