WAMU 88.5 : News

Filed Under:

Real Estate Prices In D.C. Area Up 10 Percent Over Last Year

Play associated audio
It's a seller's market in D.C., as most residential real estate for sale in the D.C. area stays on the market for less than two weeks.
It's a seller's market in D.C., as most residential real estate for sale in the D.C. area stays on the market for less than two weeks.

The median price for residential real estate in the D.C. area continues its upward trend. A report by RealEstate Business Intelligence found that the median sales price for the month of July was $425,000 — a 10.4 percent increase over the same period last year.

That represents the highest median sales price for residential property in the month of July since 2005, before the housing collapse.

Home buyers not only face upward price pressure, but the housing stock is down 13 percent over the same period last year, and the median number of days-on-market is down from 23 days to 12.

The report comes from real estate sales data in the greater D.C. area, including Montgomery County, Prince George's County, Arlington County, Fairfax County, Fairfax City, Falls Church City and Alexandria City.

Falls Church City saw the strongest year-over-year price growth among jurisdictions covered in the report at 23.5 percent, followed by Prince George's County at 19.5 percent.

"Our friends in Prince George's County were hit particularly hard when the real estate market took a downward turn," says Michael McGreevey, President of the Greater Capital Area Association of Realtors. "So now that the market has rebounded and continues to pick up momentum, the room for pricing growth in Prince Georges County is greater than its surrounding markets."

A similar report in the Baltimore region found year-over-year median price growth of 5.6 percent.


Book Review: 'Kinder Than Solitude'

Ellah Allfrey reviews Kinder Than Solitude, by Yiyun Li.

On Your Mark, Get Set, Grow: A Guide To Speedy Vegetables

Impatient gardeners don't have to wait for summer to harvest salad fixings. A surprising variety of crops will bring homegrown produce to your table in as little as three weeks.
WAMU 88.5

To Replace Rep. Jim Moran, Virginia Democrats Raking In Big Bucks

The race has opened the door to an epic primary season that had 13 Democrats formally announcing their candidacy.

When Parents Are The Ones Too Distracted By Devices

Parents often complain that smartphones keep their kids distracted from conversation. What happens when it's the other way around, when kids can't get their smartphone-glued parents' attention?

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.