Want a house in Alexandria? Bring a million dollars

Residential real estate listing service Bright MLS reports its Home Demand Index points to high demand for single-family homes in the D.C. metro area priced above $950,000 in March.

In Alexandria, Virginia, the median price of a single-family home sold in March was $1.16 million — the first time ever over $1 million.

Regionwide, home selling prices in March neared or set records.

The median selling price throughout the D.C. metro area last month was $516,000 — $16,000 more than a year ago, and a 10-year record.

In Prince George’s County, Maryland, the median price of what sold was also a 10-year high of $365,000, which is $35,300 more than a year earlier.

Sales are not slowing. Bright MLS says overall sales for the first quarter of 2021 were up 18% from the first quarter of 2020, or an additional 1,900 residential sales.

March set a 10-year record for condo and co-op sales in the District — 1,730 of them — up 35% from a year ago. Condo and co-op sales in the District powered home sales there to the best overall closing volume in a decade. Condo and co-op sales in D.C. represented 55% of all sales, the highest on record.

Pending sales throughout the D.C. metro, or contracts signed to buy a property but whose sales have not yet closed, set a record high in March, up 35% from the five-year average for the month.

Single family pending home sales in Fairfax County bounced back in March, up 74% from pending sales in February.

Below are charts of median prices and closed sales for the D.C. area residential market for March 2021 via MarketStats by ShowingTime, 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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