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.
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.
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.
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.