In DC, median home price now tops $600,000

WASHINGTON — The median price of a house or condo that sold in the District in October was $602,250, up 9.5 percent from a year ago and the highest October level on record in D.C.

The Greater Capital Area Association of Realtors also notes fewer sales. The 742 closed residential sales in D.C. in October fell 10.7 percent below October 2017, though they are still above the five year average for October sales.

Closed sales are properties that went under contract weeks earlier.

Pending sales, or contracts signed to buy a home, totaled 777, or 6 percent lower than the five-year October average.

Closed sales were down for town houses, condos and co-ops, but up for detached single-family homes.

Half of sellers in D.C. who sold in October received 100 percent of their asking prices.

More sellers came to market in D.C. last month as well, with the number of new listings up 8.1 percent from a year earlier, significantly above the five-year average for new listings in October.

The median price for a condo or co-op in October was $465,000. The median price for a town house was $735,000. The median price for a detached single-family home was $826,000.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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