The median price of a home sold in the D.C. metro area rose to its highest level for April in the past 10 years last month.
The region’s median price climbed to $419,250 in April, according to data provided by ShowingTime RBI based on listing activity from MRIS, the region’s multiple-listing service. The $2,250 bump from April 2015 isn’t much of a rise, but it’s the first year-over-year increase since September.
April’s modest gain bodes well for the spring housing market as it moves into its busiest months. The most expensive time to buy a house in this area is June, when the median price tends to peak. In June 2015, the median price was $439,000. But prices also trend higher in the two months preceding and the two months following June.
It’s worth noting that even though the region as a whole saw an escalation in the median price, several jurisdictions suffered declines. Arlington County’s median price fell to $549,950 last month from $572,900 in April 2015. Fairfax County’s median price slipped to $479,000 from $479,700. Fairfax city’s median price dropped to $501,000 from $522,450. Falls Church city’s median price sank to $707,460 from $780,000, but that decline was based on only 13 sales.
The biggest gains in median price were in Prince George’s County, Frederick (Md.) County and Alexandria. Prince George’s County’s median price jumped nearly $20,000, soaring to $242,500 last month from $222,100 in April 2015. Frederick County’s median price rose to $265,000 from $248,000. Alexandria’s median price grew to $485,000 from $459,500.
The District’s median price essentially stayed the same, going to $525,000 last month from $524,900 in April 2015. Montgomery County’s median price ticked up to $415,000 from $405,450.
So far, the upcoming presidential election hasn’t put a damper on the area’s housing market. Sales typically slow as the election approaches with home buyers and sellers waiting to see what a change in administration brings. But home sales continued at a strong pace last month with the number of homes sold in the region setting a 10-year high for April. The 4,678 sales was the most sales in a month since last July.
The trend is expected to continue since the 6,647 pending sales — those homes that went under contract but the deal had not closed — were at their highest level in a decade last month.
Inventory continues to hover below peak levels. There were 11,113 homes for sale in the region last month, well above the 7,123 homes listed in April 2013 but far below the 25,847 homes listed in April 2008. The good news for home buyers who aren’t finding what they are seeking is that more and more homes continue to come on the market. New listings increased to 8,809 last month, up from 8,713 in April 2015.
But once they find something, they need to move quickly. Half the homes sold last month were on the market two weeks or less, same as it was in April 2015. Homes are selling quickest in the District and Alexandria, where the median days on market for both was 10. They are lingering on the market the longest in Prince George’s County (25 days).