The median price of a home in Washington, DC reached an all-time high last month, according to data by RealEstate Business Intelligence, an MRIS company.
The median sale price rose to $460,000 in March, a year-over-year increase of 13.6 percent. The overall region’s median sale price also experienced gains, with an annual increase of 8 percent from $345,000 in March 2012 to $372,500 last month.
The biggest winner was Falls Church, with a 37.7 percent annual increase to $631,000 in March — however, this leap was skewed by the relatively small number of 16 deals for that month. Alexandria went from a median of $391,950 in March 2012 to $487,500 a year later, for a 24.4 annual increase based on 186 transactions.
The strongest sellers were condos, which accounted for 1,011 sales, the highest figure for March in six years. Meanwhile, single-family detached home deals slipped 0.7 percent year-over-year.
Low inventory was a common theme, with 6,289 active listings in March — 4,200 fewer than the same period a year ago, and down 20,000 from the zenith in the fall of 2007.
Got your heart set on a townhouse? Tough luck — they were only 15.8 percent of the listings up for grabs, which is the slimmest percentage for that residence type since 1997. The median sale price of a townhouse increased 10.6 percent, or $35,000, in the year ending in March.
Here’s a snapshot of the data: