The median price of a home sold in D.C. this May was $600,555 — the highest May level in a decade, and up 56% from the District’s median selling price for the same month in 2010.
The Greater Capital Area Association of Realtors reports May closed sales were down 2.4% from a year ago, but pending sales, or contracts signed to buy a home for which sales had not yet closed, were up 4.5%.
Pending sales for the District for May topped the 5-year May average by 2.1%.
Like most other areas in the Washington region, the District is still a tight market for buyers, with few options and buyer competition.
At the end of May, there were 1,571 active listings in the District, representing just 2.2 months of supply.
“Supply remains scarce relative to demand, continuing to drive a strong seller’s market in the District,” GCAAR said.
By category in the District, the median sales price for a detached home was $818,500, down from $867,500 last May.
The median price of a townhouse or row house in D.C. last month was $772,500, up 4.4%. The median price of a condo or coop that sold in May was $476,000, down 0.8% from last May.
Below is a graph showing D.C. housing market activity over the past two years, courtesy listing service Bright MLS: