DC Area Home Prices at Highest September Level Since 2007

• October 10th 2013

by Shilpi Paul

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DC area home prices rose 7.5 percent in September year-over-year, reaching the highest September level since 2007.

A report released by RealEstate Business Intelligence (RBI) on Thursday revealed that the median home price for the area reached $387,000 in September 2013. Last year, median sale prices were at $360,000. There was a slight drop month-over-month; in August 2013, median sale prices hit $415,000.

Detached homes led the gains, increasing by 10 percent year-over-year. Townhouses and condos also showed moderate gains, at 6.6 percent and 5.5 percent, respectively. Regionally, Prince George’s County led the way, increasing 18.2 percent since last September. In DC proper, prices rose 10.2 percent.

The condo market had the greatest number of closed sales, with sales increasing 19.2 percent since last year.

“Strong demand has driven overall home prices up significantly over the past five years in the region,” said Jonathan Hill, President of RealEstate Business Intelligence. “The lower price-points and smaller unit size of condos may be attractive to first time homebuyers and investors, contributing to the strong gains in this segment.”

As the chart above reveals, all jurisdictions in the region had year-over-year median price increases.

Here are a few other interesting statistics from the report:

• The number of active listings in the area, at 9,340, is quite a bit lower than the 5-year average of 13,189.
• The median days on market is still at a low 17.

The area that RBI analyzes includes DC, Montgomery County, Prince George’s County, Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc_area_home_prices_at_highest_september_level_since_2007/7677.