It has never cost more to buy a home in the District. That may not come as a shock, but the most recent numbers are staggering nonetheless.
The Office of the Chief Financial Officer is out with its latest Economic Indicators report, and it indicates, based on MRIS data compiled by the Greater Capital Area Association of Realtors, that the median sales price of a single-family home in D.C. hit $730,000 year-to-date in September.
That’s up from $727,000 reported in August and $711,300 in July — the first month, based on a cursory review of past reports, that the median figure ever topped $700,000. The median price is up 4.3 percent year-over-year.
We’re not talking average, which can easily skew month-to-month whenever a handful of $5 million-plus homes sell — a common occurrence of late. The average single-family home sold for $863,700 in September, per the CFO’s report. That’s actually down 1.7 percent year-over-year.
D.C. single-family prices, the median, bottomed out in…Read the full story from the Washington Business Journal.