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 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.
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.
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).