The District saw its highest May median sales price for homes in a decade last month, recent data from the Greater Capital Area Association of Realtors (GCAAR) show. The median sales price across all home types, including detached single-family homes, townhouses, and condo and co-op units, was $600,555, higher than the previous record of roughly $599,000 in May 2017. This was also slightly greater than the median sales price in May 2018, some $596,000.
Except for last year, May median home prices in D.C. have jumped annually. GCAAR’s data show that the number of home sales declined 2.4 percent this May, to 926 from 949 in May 2018. Total year-to-date sales (3,710) were 2 percent higher than at the same point in 2018. Real estate “supply remains scarce relative to demand, continuing to drive a strong seller’s market in the District,” states the report. “The 1,571 active listings [at May’s end] represent just 2.2 months of supply.” Six months of supply is generally considered a balanced market.
Below are D.C.’s May 2019 median sales prices by home type, according to GCAAR’s report.
“The median sales price for detached properties in May was $818,500, a decrease from last May’s mark of $867,500. Similarly, the year-to-date median of $747,500 is lower than the 2018 YTD median ($815,000).
The median sales price for townhouses in May was $772,500, a 4.4 percent increase from last year’s May-level of $740,000. The year-to-date median of $725,250 is up 8.0 percent versus 2018. The average sales price in May was $859,603, a 2.4 percent increase from last year’s mark of $839,109.
The $476,000 median sales price for condo/co-op units represents a .8 percent decrease from last May’s $480,000 level and the year-to-date median of $472,025 is slightly higher than the $464,728 (+1.6 percent) level last year. The average sales price in May was $552,637, a .2 percent decrease from last May’s average of $553,828.”
Single-family home prices spiked between March 2018 to March 2019, recent data also say.