June was another strong month for home sales in the DC area market. Not only were sales up, but the median home price hit its highest level since 2006, according to a report by MRIS published last week.
The median home price in June was $446,000, up by 1.6 percent from the previous year, and 3.7 percent from May.
Falls Church City tops the list as the most expensive location in the DC Metro region, with a June median sales price of $737,500, up 29.7 percent from last year and the highest increase in the region. Prince George’s County is the most affordable with a median sales price of $260,000, up 8.3 percent from last year. Fairfax City saw the only decrease in percentage for year-to-date median sales, a 2.5 percent decrease from last year with a median price of $460,000.
Closed sales for the month numbered 5,938, up by 5.1 percent over June 2015 and the highest level since 2006. June was the 19th consecutive month that closed sales increased year-over year.
Across the DC Metro area, total new listings for January to June were up 2.2 percent, to 41,488 compared to 2015.
The overall sales volume in the area topped out at $3.2 billion, an increase of nearly 8 percent from last year, and a staggering 14 percent from just last month.
The median days-on-market (DOM) for June was 14 days, down one day from the same period last year. Condos had the highest median DOM of 18, while single-family detached homes had a median DOM of 15, and townhomes averaged just 11 DOM. The five-year-average DOM of 14 days is well below the 10 year average of 24 days.
Washington, DC homes sold at 99.1 percent of their asking price, the highest in the region, but down slightly from last year’s 99.6 percent. Montgomery County homes, on the other hand, sold for 97.4 percent of asking price the lowest in the region, also down slightly from 97.5 percent last year.
For a pdf of the full report click here.