Although Washington D.C. home prices at an all-time high is a great sign for the local economy, the rising costs are bad news for those looking to invest in real estate or just buy a home to live in. At this point, it might just be a good idea to hold off until after summer to grab that first, second or third home in the D.C. area.
The median price of a home in the District reached its highest point in history last month, according to the latest data from RealEstate Business Intelligence, a subsidiary of MRIS.
D.C.’s median sale price soared to $460,000 from $405,000 in March 2012, an increase of 13.6 percent year over year. For the entire metro area, the growth was more modest. The median sale price for the region rose 8 percent, to $372,500 last month from $345,000 in March 2012.
Falls Church boasted the largest median price in the area last month and the biggest percentage uptick year over year. The median sale price for homes in Falls Church climbed to $631,000 in March, a 37.7 percent increase year over year. However, there were only 16 sales in Falls Church in March, which likely skewed the numbers.