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.
SOURCE: Curbed DC