DC-Area Home Prices Shatter Record in April

• May 10th 2024

by UrbanTurf Staff

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Home prices in the DC region reached an all-time high in April, shattering the previous record set last spring. 

The median price of a home in the region in April rose to $640,000, Bright MLS reported in its latest housing report. This price point is well above the previous record for the area, which was $605,000 set back in May. Since 2017, the median home price in the region has risen nearly $200,000. 

“The median price hit a new record high in April, despite elevated mortgage rates," Dr. Lisa Sturtevant, Chief Economist at Bright MLS, told UrbanTurf. "One big reason is the number of cash buyers in the region, who are not influenced by mortgage rates. In fact, in our recent Luxury Report, we found that about a third of luxury home sales in the DC region in Q1 2024 were all cash purchases.”

As has been the case in the DC region in the past several months, high home prices are not deterring buyers. Closed sales in April were up 7.4% year-over-year, and pending sales rose 4%, the first year-over-year increase in under contract sales since February 2022.

It also appears that inventory is coming back. April ended the month with almost 6,600 listings on the market, a 22% year-over-year increase. 

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc-area_home_prices_shatter_record_in_april/22293.