May 14, 2024 - Real Estate

DMV home sale prices hit record high in April

Illustration of an upward trending line chart on a welcome mat in front of a house door

Illustration: Sarah Grillo/Axios

Last month, the D.C. region hit its highest median home sale price of all time, per BrightMLS data.

Why it matters: As interest rates remain high, pricier homes mean many locals will continue to struggle with affordability in an already expensive area.

State of play: The median sale price for a D.C.-area home in April was $640,000 — the highest since BrightMLS began tracking this data.

  • That's a 9.2% increase from April 2023's median price of $586,000, per BrightMLS.

This comes amid overall low inventory and high demand in our region.

The intrigue: A big reason for this price spike is the number of all-cash buyers in the region who aren't affected by mortgage rates, BrightMLS chief economist Lisa Sturtevant told UrbanTurf.

What we're watching: Active listings were up 21.8% last month compared to April 2023, found BrightMLS — fingers crossed that more available homes could provide some price relief.

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