D.C. Market Halts As Surrounding Area Market Improves
Despite the real estate market in the Washington, D.C. area as a whole doing well, home values in the District proper hit a plateau in November. According to UrbanTurf, home prices in the city had dropped for four consecutive months in the summer.
In November, the median home price in D.C. proper was flat, year-over-year, at $549,000, according to UrbanTurf. D.C. was the only part of the metro area where prices didn’t rise. D.C. also saw inventory rise with an increase of 7.5 percent in active listings year-over-year.
Overall, median home sales in the region increased by 4.4 percent, bringing that number to $425,000.
That trend has been going on for a while now, UrbanTurf explained. November became the 14th consecutive month to see prices for homes in the D.C. area increase year-over-year. Inventory also fell for the 19th month in a row.