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D.C. Home Prices Hit a Seven-Year High

Sales and sale prices are up, while inventory is down

National real estate brokerage Redfin just released their latest housing market tracker, and here are some of the need-to-know highlights. From May 2015 to May 2016, home prices have jumped 5 percent. Currently, the median sale price for a District home is $570,000, which Redfin reports is the city’s highest median sale price since 2009. Sales have increased roughly 17 percent since last year.

While sales and sale prices are up, the inventory is down. Compared to a year ago, there were 4.1 percent fewer homes on the market this past May. Because of this, competitiveness is up. Listings are getting snatched up in a median 12 days, while nearly 40 percent of homes had prices bid up.

In the Redfin report, real estate agent Steve Centrella said that the highest levels of competition are seen in homes within the $500,000 and $750,000 price range.

To see how median sale prices have progressed in specific neighborhoods or in the D.C. Metro region, be sure to check out Redfin’s report here.

Washington, D.C., Home Prices Hit a Seven-Year High as Fewer Sellers Step Up [Redfin]