Median Home Prices Rise in June in County
Prices in Washington region have another record month
Median home prices in Montgomery County increased in June.
Via Public Domain Pictures
Median home prices in Montgomery County increased slightly in June compared to the same month in 2018, according to market data released Thursday.
Median home prices in the county fell in May by $11,000 from the previous year, but rebounded in June, up $10,373 from the same month in 2018. Homes sold for a median price of $488,123 in June.
The county’s year-to-date median price is $1,900 above the rate through the first six months of 2018 at $450,000.
Sales prices in the Washington region jumped to a record $490,000, up $10,000 from the all-time high set in May, according to a report by real estate listing service Bright MLS.
“The area’s performance was boosted again by the Amazon effect with Arlington County up 7.7%, the largest increase in the region, and Falls Church up 5.8%,” said Chris Finnegan, Bright MLS vice president of marketing and communications, in a statement.
Montgomery County led pending sales for the region, up 5.1% compared to June 2018. Fairfax County was the only other area to experience an increase, with pending sales across the region down 1.2% from the same month last year and 9.8% from May.
Pending sales are properties that are no longer on the market because the seller and a buyer have agreed on a deal.
Inventory declined sharply in the region, down 13.3% from June 2018, largely due to 53.8% and 55.7% drops in Alexandria City and Arlington County, respectively. Inventory in Montgomery County fell 3.1%, though that was the third-best mark in the region, with only Washington, D.C., experiencing an increase.
Median price increases across the region were driven by rises in townhome and condominium sales, up 6.2% and 3.3%, respectively. Single-family detached home prices remained flat for the second consecutive month.
“Condos and attached housing are especially hot,” Finnegan said in a statement. “Condos and attached housing sales stand out in urban/suburban areas adjacent to the District; such as Silver Spring, District Heights, Arlington, and Falls Church.”
Listings fell 7.0% across the region after a slight increase in May. After five straight years of June listing bumps peaked at 7,802 in 2017, the total has fallen by nearly 1,000 over the past two years. Listings in the Montgomery County were down 2.0% to 1,686, and only Fairfax City experienced a year-over-year increase.
Closed sales also declined sharply, down 8.3% from June 2018 and 5.0% compared to last month across the region. In Montgomery County, 1,306 sales closed in June, down 7.6% year-over-year, and only Fairfax City experienced gains.
CHarlie Wright can be reached at email@example.com