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The median price for District home sales reached a new June record of $620,000 last month, according to the Greater Capital Area Association of Realtors (GCAAR). That was up nearly 3 percent from the June 2018 median sales price of $603,000 and up 19 percent from the June 2014 sales price of $520,000. The total number of June home sales—857—was down relative to June 2018, representing a 3.7 percent decline, as well as the average for the last five Junes.
“Supply remains scarce relative to demand, continuing to drive a strong seller’s market,” a recent release from GCAAR says. “Closed sales fell in all three segments”—detached single-family homes, townhouses, and condo and co-op units. In addition, half of the homes sold last month stayed on the market for no more than 16 days, down from 26 days in June 2018.
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Below are D.C.’s June 2019 median sales prices by home type, according to GCAAR’s report.
“The median sales price for detached properties in June was $830,000, a decrease from last June’s mark of $930,000. Similarly, the year-to-date median of $752,500 is lower than the 2018 YTD median ($850,000).
The median sales price for townhouses in June was $760,000, a 4.8 percent increase from last year’s June-level of $725,000. The year-to-date median of $730,000 is up 6.6 percent versus 2018. The average sales price in June was $804,250, a 3.2 percent increase from last year’s mark of $779,318.
The $480,000 median sales price for condo/co-op units represents a 2.0 percent decrease from last June’s $490,000 level and the year-to-date median of $475,000 is slightly higher than the $469,950 level last year (+1.1 percent). The average sales price in June was $540,495, a .4 percent decrease from last June’s average of $542,862.”
The median home sales price in May also set a record: $600,555, comprising a 10-year high.