This spring has proven that the Washington D.C. region is becoming the land of increasingly expensive homes. After a strong March, sales have heated up in the area and prices are continuing to increase into April.
According to data from Real Estate Business Intelligence, more homes priced north of $1 million hit the D.C.-area market in April than any other month in the last 20 years. RBI states that the total number of new listings priced upwards of $1 million came in at 956 in April.
RBI reveals that every property segment of the regional market has seen increased sales and contracts, and the market is responding with median prices that are at their highest level for the month of April. The median price for the region moved from $412,500 last year to $417,000, a slight increase of 1.1 percent.
It has been recorded that Falls Church and Arlington had the highest median sales price during the month and showed the largest year-over-year price growth. In Washington D.C., the median sales price went up 5 percent this year from last, from $499,900 to $524,900. In addition, closed home sales rose 9.9 percent from last April, reaching the highest total for the month since 2010. Also, pending sales were at their highest level since the peak of the housing boom in July 2005.
Another key factor indicating that the area’s market is hot has to do with how quickly homes are selling. The median days-on-market for April was just two weeks or less, with townhomes selling in an average of 11 days. These numbers are remarkably low, especially given the jump in inventory, with 23 more active listing at the end of April than last, and 19 percent more new listings added during the month.
Source: UrbanTurf and RBI