January Marks Highest DC Home Prices in a Decade
This past month marks the highest DC home prices have been in the past ten years.
The relatively low supply of homes in the DC area is doing nothing to slow the increase of prices. This January saw another record-breaking month of real estate in DC, as median home prices jumped 3.9% year over year to an average of $390,000.
This figure represents all of DC and its suburbs. When we narrow the scope of real estate to DC proper, prices are even more impressive averaging approximately $528,000. That’s a 4.6% increase from last year’s median of $504,000. You’d have to go back a decade to see anything comparable.
DC has gone almost a year in which inventory for homes has declined. For nine straight months, the number of available properties throughout DC has diminished. The 7,224 listings in January represented a two-year low and a 12.7% dropoff from a year ago.
But the limited supply of inventory doesn’t seem to be hampering sales. In addition to the records we’ve already mentioned, the 3,014 sales closed during January and the 3,954 pending sales both set new records.
Homeowners can breathe a bit easier knowing they are entering a what is a healthy DC housing market. The question now is are you ready to make that investment?
Speak to me first and let’s figure out your next step.