What $399,000 means for D.C.-area housing

WASHINGTON — The median price of a residential property sold in the D.C. area last month was $399,000. That is 28.7 percent above the March 2010 housing-crisis low of $310,000, and now just 3.4 percent away from the March 2007 peak of $413,000.

Even so, the median price was 0.3 percent lower than a year ago, and March marked the fourth month in a row that overall prices have declined year-over-year, according to listing service MRIS.

March was a busy month for the local housing market, with 6,165 new pending sales last month, up 11 percent from a year ago — a record, topping the previous high set in March 2012.

Prince George’s County had the largest year-over-year increase in pending sales, up 17.3 percent.

Also, there are more properties for potential buyers to look at.

New listings in the D.C. region were up 20 percent from a year ago. All jurisdictions in the metro area showed double-digit year-over-year increases, led by a 27.3 percent jump in the District.

At the end of March, there were 9,774 actively listed residential properties in the D.C. region, an 8.4 percent increase from a year ago.

Here were last month’s median selling prices by jurisdiction, based on MRIS sales data:

RBIMARCH2016
The median housing price by jurisdiction in the D.C. area for March 2016. (Courtesy MRIS)

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