The Washington region’s real-estate market hit an all-time record in median listing price for the week ending April 28, according to new data.
The median price for new listings of $649,999 topped the previous record, set two weeks before, at $649,000. In between, for the week ending April 21, the total was $640,000.
Figures represent a market area that includes the District of Columbia; Arlington, Fairfax and Loudoun counties and the cities of Alexandria, Fairfax and Falls Church in Virginia; and Montgomery, Prince George’s and Frederick counties in Maryland.
Hitting a new record should not be a surprise: The combination of constrained inventory and springtime buyer interest is helping to push up what sellers are seeking.
Those same sellers, however, seem also to be willing to reduce listing prices quickly if the home does not find a buyer immediately. For the same week ending April 28, a total of 8.2 percent of listings saw price cuts.
Record listing prices are not unique to the Washington metro area. For the Bright MLS coverage area as a whole – which extends over portions of six Mid-Atlantic states plus the District of Columbia – the week’s median listing price of $439,000 also was a record.
