Real Estate

The DC-Area Housing Market Breaks Records—Again

Yep, it's still crazy out there.

Photo by Jeff Manes/iStock.

The latest stats on the Washington housing market show it’s still an extremely tough time to be a buyer. The median home price for the DC-metro area hit a new high of $570,000 in May, according to the local multiple-listing service, Bright MLS. Meanwhile, the already-low inventory of homes for sale dropped by six percent.

Competition for detached, single-family houses remains especially intense. The median price for such homes across the DC-metro hit $737,500, up about four percent from April. Demand was particularly high for detached houses priced above $950,000—60 percent of which sold for more than asking. In Montgomery County, listings sold at an all-time record pace, spending a median of six days on the market.

At the other end of the spectrum, the median condo price modestly ticked up to $367,180—a 0.3 percent increase from April. Condos spent a median of 14 days on the market, compared to the median of six days for all housing types across the DC-metro.

Anyway, if you’re house hunting, thoughts and prayers.

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Senior Editor

Marisa M. Kashino joined Washingtonian in 2009 as a staff writer, and became a senior editor in 2014. She oversees the magazine’s real estate and home design coverage, and writes long-form feature stories. She was a 2020 Livingston Award finalist for her two-part investigation into a wrongful conviction stemming from a murder in rural Virginia.