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

by UrbanTurf Staff

North of $600,000: DC Home Prices Hit Record High: Figure 1
A home that sold in DC in June.

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.

North of $600,000: DC Home Prices Hit Record High: Figure 2

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. 

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This article originally published at https://dc.urbanturf.com/articles/blog/north-of-600000-dc-home-prices-hit-record-high/14206

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