D.C. has bumped Arlington County, Virginia, from the top of the most-expensive area jurisdictions by county for median home-selling prices — at least for the month of May.
Long & Foster reports the median price of a home that sold in the District in May was $656,000, 10% more than May of last year. The median price of a home that sold in Arlington County was $646,000, up 4%.
It is the first time since November 2019 that the median selling price in D.C. has topped Arlington.
Prices continued to rise throughout the Washington region in May, compared with year-ago sales, but the number of closed sales remains significantly lower.
In both Arlington County and Alexandria, May sales were down at least 40% from a year ago. Sales in Fairfax, Loudoun, Prince William, Prince George’s and Montgomery counties were all down more than 30%.
Closed sales aren’t necessarily a good gauge of the current market, since they were contracts signed to buy several weeks prior, and there have been signs of more buyer interest in the Washington housing market in recent weeks.
“This is reflected in the increased number of home showings, which had its highest level since February,” said Long & Foster president Larry “Boomer” Foster.
Foster said he expects a solid boom in June or July, as home buyers and sellers get back into the market.
“There was a hiatus in April and May, so the spring market has shifted about 60 days,” he said.
Sellers throughout the Washington region continue to get their asking price, with list price versus sales price at 100%, or close to it, throughout the District, suburban Maryland and Northern Virginia in May.