May 2019 Home Sales and Median Prices
Prices at record highs in DC Metro area.
The following analysis of the Washington, D.C. Metro Area housing markets has been prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on April 2019 Bright MLS housing data.
- The May 2019 Washington D.C. Metro area median home price of $480,000 was up 3.2% or $15,000 compared to last year and was the highest overall median sales price of the decade, breaking the previous record price of $475,000 set last month. This marks nearly 3 full years of year-over-year price appreciation.
- Sales volume across the DC Metro area was nearly $3.3 billion, up just 0.7% from last year. Closed sales of 5,688 in May were down 0.6% from last year, a bit of a disappointment after last month’s increase in closed sales.
- New pending sales were also down, by 1.4% to 6,399.
- New listings, though, crept up by 0.9% to 8,397.
- Still, active listings continue to decline. This month, inventory levels were down 8.8% to 8,562.
- The average percent of original list price received at sale was 99.4%, the highest May and overall level of the last decade.
About Bright MLS
The Bright MLS real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C. and West Virginia. As a leading Multiple Listing Service (MLS), Bright serves approximately 95,000 real estate professionals who in turn serve over 20 million consumers. For more information, please visit www.brightmls.com.
About Elliot Eisenberg
Elliot Eisenberg, Ph.D. is the Chief Economist of GraphsandLaughs, LLC, a firm specializing in economic consulting and data analysis. He is a frequent speaker on topics including: economic forecasts, economic impact of industries such as homebuilding and tourism, consequences of government regulation, economic development and other current economic issues. Dr. Eisenberg earned a B.A. in economics with first class honors from McGill University in Montreal, as well as a Masters and Ph.D. in public administration from Syracuse University. Eisenberg was formerly a Senior Economist with the National Association of Home Builders in Washington, D.C. He is a regularly featured guest on cable news programs, talk and public radio, writes a syndicated column and authors a daily 70 word commentary on the economy that is available at www.econ70.com.