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March Regional Housing Update – Price Gains and Increased Sales

The housing market in the Washington metro area continues to tighten as median sales price is highest March level of the decade, sales and pending sales are at decade highs, and inventory levels decline for the eleventh month in a row

  • March 2017’s median sales price of $420,00 was up 5.3% or $21,000 compared to last year. This is the highest March median sales price of the last decade, easily topping the prior high of $400,000 seen in 2015.
  • Sales volume across the DC Metro area was nearly $2.3 billion, up 26.7% from last March.
  • Closed sales of 4,450 were up 18.5% compared to last year. It was also the highest March level in a decade and easily exceeding the 3,755 sales recorded last March.
  • New contract activity of 6,254 also reached a ten-year March high, increasing by 1.4% over last year.  New listings of 8,210 were down 1.7% compared to last year.
  • Active listings of 8,648 are down 11.5% compared to last year but up 15.3% compared to last month. This is the eleventh consecutive month of declines in year-over-year inventory levels, and inventories are at the lowest March level since 2014.
  • The average percent of original list price received at sale in March was 97.9%, up from last year’s 97.1%, and also up from last month’s 97.4%.
  • The median days-on-market for March 2017 was 15 days, 12 days lower than last year.

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This analysis of the Washington, D.C. Metro Area housing market was prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on March 2017 MRIS housing data.