WASHINGTON — The median price of a house or a condominium that sold in the District in March was $505,511.
That’s a record high for D.C., according to the Greater Capital Area Association of Realtors.
And despite the lofty prices, properties continue to sell at a fast clip in the city.
The number of sales in the District in March was up 12 percent from a year ago, and topped the five-year March average.
The GCAAR says, based on the pace of sales over the past 12 months, the number of residential properties on the market in the District represents only 1.8 months of supply, making for a continued strong market for sellers.
And more sellers are jumping in, with new listing activity showing a 27.2 percent increase in sellers entering the market compared to last March.
Half of the properties that sold in the District in March were on the market for 14 days, and competition among buyers kept the average sales price at 98.8 percent of list price.
Below are March sales trends in the District for the last 10 years:
