Local Business

Metro Area Housing Prices Highest in a Decade

The median price of homes sold and the number of sales in the D.C. metropolitan area during May reached its highest levels in 10 years, according to new data.

A modest year-over-year increase in sales and average prices pushed the sales volume across the metro area to $3.25 billion. The figures represent sales in the District, Arlington and Fairfax and the cities of Alexandria, Fairfax and Falls Church in Virginia; as well as Montgomery and Prince George’s counties in Maryland.

Despite a continued low inventory, sales in the area also reached its highest point in a decade. May marked the 25th consecutive month that active listing or homes on the market for sale declined and inventory in the region remains lower than the previous year, with only 9,391 properties on the market at the end of the month, a nearly 5 percent drop.

But the market seems to be moving away from its inventory problem.

“There is reason to hope that this trend may slow, as the number of new listings rose by 3 percent compared to last May,” noted Nena Perry-Brown of Urban Turf.

Last month, a total of 5,720 properties went into closing in the region, according to figures reported from the list service Bright MLS, 4.8 percent up from 5,620 last year.

The reported figures also showed that home prices in the area are slowly rising. During the month of May, the median sales price of a home in the region hit a 10-year record high at $568,368, up 3 percent from a year ago. The average price for single-family homes was up more than 5 percent to $688,971, the average price of attached homes was up more than 2 percent to $462,102, and the average price of condos went up nearly 3 percent to $389,455.

Perry-Brown pointed out two signs of an increasingly competitive regional market: a decade high for homes in the region that sold nearly at the asking price, and the decade’s record matching for the lowest number of days a listing has on the market.

On average, homes sold in nine days and homes that went into closing during the month spent an average of 31 days between listing and a sales contract. Last year, the figure was 35 days. Sellers received a median of up to 99 percent of the original asking price, only slightly up from 98.8 percent.

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Tatyana Hopkins – Washington Informer Contributing Writer

Tatyana Hopkins has always wanted to make the world a better place. Growing up she knew she wanted to be a journalist. To her there were too many issues in the world to pick a career that would force her to just tackle one. The recent Howard University graduate is thankful to have a job and enjoys the thrill she gets from chasing the story, meeting new people and adding new bits of obscure information to her knowledge base. Dubbed with the nickname “Fun Fact” by her friends, Tatyana seems to be full of seemingly “random and useless” facts. Meanwhile, the rising rents in D.C. have driven her to wonder about the length of the adverse possession statute of limitations (15 years?). Despite disliking public speaking, she remembers being scolded for talking in class or for holding up strangers in drawn-out conversations. Her need to understand the world and its various inhabitants frequently lands her in conversations on topics often deemed taboo: politics, religion and money. Tatyana avoided sports in high school she because the thought of a crowd watching her play freaked her out, but found herself studying Arabic, traveling to Egypt and eating a pigeon. She uses social media to scope out meaningful and interesting stories and has been calling attention to fake news on the Internet for years.

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