DC-area home sales hit 10-year high; an Arlington house now $1.14M

Metro-wide, the median price of a home that sold in February was $460,000, up 7.7% from last February. (WTOP/Jeff Clabaugh)

More house hunters in the Washington market found what they wanted and could afford in February, with a spike in both pending and closed sales last month.

Listing service Bright MLS said closed sales throughout the Washington metro area were up 13% from a year ago to a 10-year high. And contracts signed to buy a home, but sales that haven’t yet closed, rose 10.3%, also reaching the highest level in a decade.

Along with rising sales, prices of what sold were largely sharply higher than a year ago.

Metro-wide, the median price of a home that sold in February was $460,000, up 7.7% from last February.

In Arlington County, Virginia, the median overall price of what sold was $635,000, up 12.4%. But the median price of a stand-alone house that sold in Arlington last month was $1.14 million, up 19.2% from last February.

Median prices were the highest in a decade for a February in both Montgomery County and Prince George’s County in Maryland, at $436,000 and $312,000, respectively.

Fairfax County’s median selling price in February was $560,000, up 13.7% from a year ago. The median price of what sold in D.C. was $590,500, up 0.3%.

The City of Alexandria saw an 8.7% decline in its median selling price, at $477,000.

A good sign for potential buyers heading into the spring housing market: New listings metro-wide last month were up 11% from a year ago.

Below is a graph showing median selling prices and number of sales over the past decade in the Washington metro area, courtesy of Bright MLS.

(Courtesy 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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