DC-area home prices still rising, but sales may be slowing

The number of homes sold in D.C. in February was up 12% from a year ago, and across Northern Virginia, closed sales were mostly up double digits, led by a 61% year-over-year increase in Arlington County, 29% in Alexandria and 22% in Loudoun County.

The median selling price in Arlington County was 6% below that of a year ago, though prices throughout the rest of Northern Virginia were mostly higher, according to monthly data from Long & Foster Real Estate.

The median price of what sold in the District last month, at $634,000, was up 9% from last February.

These figures represent closed sales — and sales appear to be slowing.

“When looking at the numbers, they don’t tell the whole story,” said Long & Foster President Larry Foster.

“You’re seeing units sold and median sale prices all go up, and this is a reflection of homes that went to the settlement table at the beginning of the year. What we’re feeling now, with the high demand but a slowdown in units closed, won’t be reflected until April.”

In the District, there were 1,491 homes listed for sale at the end of February. Of those, 1,147 of those are new listings. The trend was similar across Northern Virginia.

In the Maryland suburbs, listings for sale were sharply lower than a year ago across the board, closed sales were up double digits and prices were still rising from year-ago levels.

Below are snapshots of home sales data across the District, Northern Virginia and the Maryland suburbs, courtesy of Long & Foster Real Estate Inc.:

Click on the graphic to enlarge the information on Northern Virginia real estate sales.
Click on the graphic to enlarge the information on suburban Maryland real estate sales.
Click on the graphic to enlarge the information on D.C. real estate sales.

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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