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Falls Church housing hot, rest of Washington not so much

Thursday - 7/10/2014, 10:32am  ET

Georgetown may be Washington’s most expensive neighborhood, but Falls Church City remains the metro’s most expensive jurisdiction and Falls Church prices continue to rise.

Listing service MRIS’s monthly RealEstate Business Intelligence report says the median price of a house or condo that sold in Falls Church City last month was $745,000, up 17 percent from a year ago.

Arlington County came in second, with a median selling price of $575,000, up 7.5 percent from a year earlier. Prices in Fairfax City were also up 7.5 percent from a year go, with a median price of $500,000.

Prince George’s County continues to rebound from its steep decline during the housing downturn, with prices up 12.2 percent from a year ago. But It remains the least expensive housing market in Washington, with a median price of $230,000.

While the latest data shows standouts, the overall Washington housing market has slowed noticeably, with prices and sales down from a year ago and inventory sharply higher.

MRIS says the number of closed sales in the Washington area has decreased for six consecutive months now, down 4.5 percent last month compared to a year ago.

The median selling price metro-wide in June was $433,000, down 1.6 percent from a year ago.

© 2014 American City Business Journals, Inc.