It might not be noticeable to anyone buying a house or condominium in the Washington area, but the region has slipped out of the top five most expensive markets.
Washington now ranks No. 6, based on median sales prices in May, according to real estate tracking company Zillow Inc. Price gains in the area are still healthy, but tame compared with some markets.
San Jose, Calif., is the most expensive housing market in the country, with a median sales price of $695,300 in May, up nearly 22 percent from a year ago.
In Washington, the median sales price in May was $331,600, up 6.3 percent from a year ago, Zillow reports.
San Francisco, San Diego, New York and Los Angles all had higher median sales prices than Washington recorded in May.
Detroit remains the cheapest big city for homebuyers, with a median sales price last month of just $87,400. Pittsburgh was second lowest, with a median $111,800.
© 2013 American City Business Journals, Inc.