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.