March 2017 Housing Market Update for Washington DC Metro Areas
The following analyses of the Washington DC Metro Area housing market is based on February 2017 MRIS housing data.
• 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 on record, with data going back to 1997.
• 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.
The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data.
The DC Metro Area housing market includes: Washington, D.C., Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia.