DC-area home prices hit new record highs

The median price of homes and condos that sold in the Washington metro in May reached $480,000, up 3.2% from a year ago, and was the highest overall median sales price in a decade, breaking the record set in April.

It marks nearly three full years of year-over-year price appreciation, according to listing service Bright MLS.

Last month’s median selling price was almost 41% higher than the Washington metro area’s post-financial crisis low of $342,000 in May 2010.

The Amazon HQ2 effect continues to drive the Arlington County market. The median price of the 289 sales in Arlington in May was $615,000, up 9.8 percent from a year ago.

The tight market, and rising prices, continues to squeeze sales. Closed sales in May were down 0.6% from a year ago, and pending sales, or contracts signed but sales not yet closed, were down 1.4%.

New listings coming on the market rose 0.9%, but active listings continue to decline.

With 8,562 homes on the market at the end of April, the total number of listings is down 8.8%.

Sellers got, on average, 99.4% of original list price, the highest May and overall level in a decade.

Falls Church City remains the most expensive housing market in the Washington region, by jurisdiction, and, based on just 31 sales, the median price of what sold in Falls Church City in May was $905,00, a 46% jump over the median price a year earlier.

Below is a chart showing housing sales activity by jurisdiction, courtesy MarketStats by Showing Time, based on listing activity from Bright MLS:

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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