If you thought the DC-area housing market in March was hot, in April it was scorching.
A report out today from Bright MLS analyzing the regional housing market finds that the median home price in the region hit a new record high ($550,000) in April.
Record prices did little to deter homebuyers, though. More than 5,900 sales closed in April, the highest level ever for the month and just behind the all-time record for monthly closed sales (6,142) in the region, set in June 2017.
"Buyers remain resourceful in the face of very difficult buying conditions," Bright MLS economist Elliott Eisenberg told UrbanTurf. "Bidding over the asking price, waiving contingencies, they are willing to do what it takes to get the deal done."
New listings came online at the highest level for April since 2016, which would, in theory, alleviate a severe shortage of homes for sale. But buyer demand offset any inventory gains. Homes were selling, on average, in less than a week in April and the sales price to original list price ratio rose above 100% for the entire area for the first time. The speed with which homes sold, coupled with demand, resulted in just a one-month supply of homes for sale.
"There is no question that new listings help with a supply shortage," Eisenberg said. "But it isn't altering the situation for buyers. At this point, we need a number of other things to happen in order for the current climate of the market to change."
Chart above courtesy of Bright MLS.
This article originally published at https://dc.urbanturf.com/articles/blog/when-dc-area-home-prices-hit-a-record-in-april-buyers-shrugged/18250.
Most Popular... This Week • Last 30 Days • Ever
UrbanTurf created Pipeline, a searchable database of multifamily projects that are un... read »
As we head towards the end of the year, UrbanTurf is wrapping up its coverage of larg... read »
Prices in Wesley Heights, a DC neighborhood to the south of Spring Valley bordered by... read »
Today, UrbanTurf takes a look at the distinct differences between these two popular f... read »
A new report illustrates how much space one can rent for the elusive price of $1,700 ... read »
A new report out this week found that homes in the DC region are selling nearly a wee... read »
DC's Board of Zoning Adjustment approved the requested relief for a planned 32-unit c... read »
When Amazon announced in 2018 that it would be opening a second headquarters in Virgi... read »
A revised plan is on the boards for a group of five townhouses in the middle of China... read »
The proposed district would encompass the neighborhood's commercial strip along Conne... 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. Start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro