The D.C. region’s housing market closed out the year strong, setting a record for median price in the month of December and matching the record for annual median price.
Home prices in the Washington area are being driven up by low inventory. With the number of homes for sale on the decline in the past eight months, buyers are competing over a sparse supply and pushing prices to new highs. That’s beneficial for homeowners whose equity is rising but less advantageous for anyone struggling to come up with a down payment.
Last month, the median price of a home sold in the D.C. area reached $410,100, according to data provided by ShowingTime RBI, based on information from MRIS, the region’s multiple-listing service. It was an all-time high for the month of December, surpassing the previous high of $408,000 set in 2014.
Falls Church was the most expensive jurisdiction in which to buy a home last month. Half the homes sold in the city went for $678,750 or more, up from $670,000 in December 2015.
Click here to read the rest of the story written by Kathy Orton over at the Washington Post