The median price of a house, row house or condo that sold in D.C. in June was $700,000, the highest median selling price for the District on record.
reports that is 13% more than a year ago, and, despite signs of slowing sales, the total number of homes that sold in the District last month 鈥� 1,123 of them 鈥� was 40% more than June 2020.
The most expensive neighborhood in D.C., based on June median selling price, was Spring Valley, at $1.465 million. D.C.’s Chevy Chase and Georgetown continue to command seven-figure median selling prices, but the median prices in Petworth and Columbia Heights, one of the least expensive submarkets in Northwest D.C. a decade ago, were well over the median price District wide, at $769,000 and $754,000, respectively.
It remains a buyers’ market in D.C., with the average closing sale price at 102% of list price, and homes citywide sold an average of 15% faster than they did a year earlier.
Young, first-time buyers may not appreciate the impact of record low mortgage interest rates, but real estate professionals do.
When a $600,000 mortgage loan today is compared to the same loan in 2000, with an average 30-year rate of 8% then, the difference on that same $600,000 mortgage today, with 30-year rates under 3%, is $1,500 a month cheaper. That鈥檚 a big reason that buyers are committing, despite record high prices.
鈥淧eople buy the payment. They don鈥檛 buy the price. They don鈥檛 necessarily care how much a house costs, but they care about how much it will cost them per month,鈥� said Larry Foster, president of Long & Foster Real Estate.
鈥淵ou are going to get more money lent to you now, costing you less to pay back than you would when rates were going up,鈥� he added.
Below is a snapshot from Long & Foster鈥檚 monthly Market Minute report of sales and prices in the District in June:
