The DC housing market is looking just like the weather forecast—hot. The median home price for the District reached a record breaking $700,000, according to Bright MLS, the local multiple-listing service, rising 12.9 percent since last June. The broader DC area is seeing a similar boom, with May’s $570,000 median home price breaking another record.
The sheer number of closed sales in the DC area also reached a ten-year record, up 23 percent from the five-year June norm. Bouncing back from low pandemic numbers, the number of new listings for the first sixth months of 2021 went up 26 percent from 2020, and 9 percent from 2019.
Local homes are sitting on the market for a median of only 7 days (a ten-year low), down from 9 last June. DC and Arlington County homes were on the market for a median of 8 days, while Montgomery County, Fairfax, and Falls Church homes were swooped up in a median of 6 days.