When compared to other large metros, the Washington, D.C.-Arlington-Alexandria housing market has performed poorly when it comes to year-over-year and quarterly price appreciation.
However, when compared only with its historical performance the DC metro has set price records.
During the August to November “quarter” the median price of a home rose by only 0.4 percent in DC when compared to the previous three-month period (May through July), according to a Clear Capital index. When compared to other metros, DC had the ninth lowest quarter-to-quarter appreciation.
On a year-over-year basis Clear Capital cites a 2.3 percent increase in home values for the metro.
Looking only at October, home values rose by 2.8 percent year-over-year, according to the Greater Capital Area Association of Realtors. This despite a double-digit drop in monthly sales activity.
Despite sub-3 percent year-over-year gains, the median price of a DC home in October reached $514,000, the highest October level on record. Additionally, the metro’s cumulative year-to-date median price of $520,000 reflects a 4.2 percent period-over-period gain.
Likely aiding home prices, only 12 percent of closings in the metro were distressed sales during the past four months.
Of note, in October sellers on average received 99 percent of their original list price, according to the association.
