The median price for residential real estate in the D.C. area continues its upward trend. A report by RealEstate Business Intelligence found that the median sales price for the month of July was $425,000 — a 10.4 percent increase over the same period last year.
That represents the highest median sales price for residential property in the month of July since 2005, before the housing collapse.
Home buyers not only face upward price pressure, but the housing stock is down 13 percent over the same period last year, and the median number of days-on-market is down from 23 days to 12.
Read the full article at WAMU.org.