As featured on Urban Turf
The DC area housing market is showing no signs of easing up in 2017, with an increasingly tight supply doing little to diminish demand and rising prices.
The median sales price in January was $390,000 — a 3.9 percent increase over last January and the highest price for the month in a decade, besting the 2015 decade-high of $385,000, according to the new monthly report from Showing Time RBI released today. In DC proper, the median sales price increased by 4.6 percent year-over-year, from $504,000 to $528,000.
January home prices over the years
The sales prices increase was consistent across property types, as was the decline in inventory. At the end of the month, there were 12.7 percent fewer active listings than a year ago, with the 7,224 listings representing the lowest level for January in two years. January was also the ninth consecutive month in which inventory declined.
Interestingly enough, between December and January, the number of new listings increased 47 percent, a trend that held true in all local jurisdictions; however, this was not nearly enough to compensate for how constrained the supply is overall.
A few more stats that illustrate the current supply and demand scenario in the region:
- The 3,014 closed sales during the month were 11.5 percent more than last January, and another decade-high for January.
- Pending sales in January came in at 3,954, and were up 15.5 percent compared to last year, the highest January level in a decade.