The median home sales price in the DC area last month was the highest on record for the month of March, according to a report out Tuesday.
March started off with a bit of a bang for the regional housing market.
The median home sales price in the DC area last month was the highest on record for the month of March, according to a report out Tuesday.
According to Showing Time RBI’s March report, the median price hit $420,000 — the highest level for the month since RBI began collecting data in 1997. The median price is 5.3 percent higher than the March 2016 median of $399,000. In DC proper, the median sales price of $535,000 is a 5.8 percent increase over last March’s median of $505,511.
The record prices did not seem to deter home buyers. The volume of closed sales in March set a decade-high at 4,450 sales, an 18.5 percent increase over last March and a 43.6 percent increase from February. The increase in sales hit double digits across all property types.
Meanwhile, although the number of new listings is above the 5- and 10-year averages in the region, the 8,648 active listings in March is still a drop of 11.5 percent compared to a year ago, marking the eleventh straight month of declining year-over-year inventory.