WASHINGTON — The median price of a house or a condo that sold in the D.C. region in December was $410,000, but you’ll need to dig a lot deeper to buy an average home in the District itself.
The Greater Capital Area Association of Realtors says the median price of a home that sold in D.C. reached $550,000 last month, a December record. And there are buyers lining up for what little is on the market in the District.
The organization says the number of contracts signed to buy a house or condo in D.C. in December was up 8.4 percent from a year earlier. Overall pending sales in D.C. that month topped the five-year December average by nearly 13 percent.
And supply remains scarce, with only 1.6 months of supply on hand. As a result, half of the homes sold in December were on the market for 14 days or less, and the competition among buyers kept the median percent of asking price at 99.3 percent.
The competitive market in the District is not likely to change anytime soon.
The number of new listings hitting the market last month was about 9 percent lower than a year earlier.
D.C. prices reached an all-time high in August 2016, when the median selling price reached nearly $580,000.