Home Prices Hit a Record High in the DC Area

    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.

    Source: March Home Prices Hit a Record High in the DC Area

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    Kyle Barber

    Kyle is passionate writer, independant thinker, and digital savvy lady with a deep love of marketing and all the challenges it presents.

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