As active members of the Greater Capital Area Association of Realtors (GCAAR), we have access to the latest market trends and data. Here are some of the highlights from June's closed sales and overall market conditions.
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Overview - DC area home prices have never been higher!
The median home price in the DC region rose 3.5 percent to reach a record-high of $471,000 in June.
Record prices were also set in DC proper, with the median home price crossing the $600,000 mark for the first time. Higher than the previous record set last May.
Half the homes sold in June were on the market for 10 days or less and the competition among buyers kept the median percent of asking price at 100 percent.
Arlington and Alexandria City were the only two locales in the region where prices dropped year-over-year.
Montgomery County -
Compared to last June, the average sale price was 5.4% higher; active listings were down (-9.5%), closed sales dipped (-6.9%); the average price per square foot increased (+3.1%); the average days on market was 32 - but half of the homes sold in June were on the market 11 days or less.
Closed sales rose in the townhouse segment while dipping slightly in the detached and condo/co-op segments.