The New Year kicked off on an especially strong note for sellers in the DC Metro market: the median home price, $420,000, was up 5.0%, making it the 28th consecutive month of year-over-year price increases and the third consecutive month that price appreciation has hit five percent or greater. The average percent of original list price received at sale also hit 97.2%, the highest ratio the region has seen in a decade.
In Northern Virginia, new pending sales rose 70% from January 2018, despite the number of listings being down 20%.
Dynamics driving the local housing market include the moderation in mortgage rates, shortage of inventory, and the spike in demand in anticipation of Amazon HQ2.