D.C. Housing Prices up 47 Percent Since Recession
The median housing price in D.C. was $374,000 in 2009. In October of this year, the median price of a home reached $550,000, a 1.3 percent increase from last year and the highest October price tag on record, per the Greater Capital Area Association of Realtors.
This comes as good news to sellers but leaves potential buyers with very slim pickings. In October, the number of new listings in the District increased by 18.9 percent and total listings were up 16.1 percent in the past year. However, supply continues to prove scarce due to high demand.
When a house goes on the market in D.C., it tends to sell quickly. Last month, half the homes that sold were on the market for nine days or less before going under contract.
For what it’s worth, the current prices are still lower than they have been this year. Housing prices peaked in April at just over $600,000, according to Bright MLS.
The Greater Capital Area Association of Realtors described D.C.’s current housing market as “an extremely tight seller’s market.”