Home prices are reaching new heights across the DC area.
The median home price in the region rose 4 percent to reach a record-high of $490,000 in June, according to the latest monthly report from Brightly MLS. The previous record was $480,000 set just last month.
In DC proper, prices are heading even higher into the stratosphere. The median price for the city in June hit $619,000, shattering the previous record of $603,375 set last June.
To put DC’s record home prices in perspective, consider this: In June 2008, just before the housing crisis, median home prices in DC came in at $422,500, which means that prices have increased 47 percent over the last ten years in the city.
While record prices in the region haven’t affected home sales in recent years, that appears to be changing. Closed sales in June in the DC region fell 8.3 percent compared to a year ago; in DC proper, sales fell by 3.7 percent. Fairfax was the only jurisdiction in the region where home sales increased.