Home | Newsletter | Advertise
loading...

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

  • July 11th 2018

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

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. 

Similar Posts:

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

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