The extremely limited inventory of homes for sale in the DC region led to a couple property types setting price records in February.
The supply of homes on the market came in at approximately 18 days last month, according to a new report out Monday from Bright MLS. This represents a slight increase compared to January when the supply hit its lowest level on record, but a 45% drop compared to a year ago.
In addition to lower sales, the effects of the scant supply of homes can be seen in rising home prices around the area.
"With less than 700 total active listings, townhomes hit their highest monthly median sales price ever [at $530,000]," the February report stated. "Buyer demand for townhomes rose 22.5% month to month and was off only -2.7% from last year."
Single-family homes in Arlington also set a new record in February, with a median price of $1.27 million. This marks a 31% price increase, year-over-year.
"Continued weak inventory and increasing buyer activity led to a 10.6% spike in the monthly median sales price for the DC area to $526,000," the Bright report said. "It was both a February ten-year record and the first double-digit year-over-year gain since June of ’21."
Despite the price increases, homes are still selling very quickly by winter standards: listings spent just a week on the market, on median, last month.
Photo courtesy of BTW Images.
This article originally published at https://dc.urbanturf.com/articles/blog/the-price-for-a-dc-area-townhouse-prices-broke-a-record/19382.
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