Median Sales Price Up 14.3% in Washington,D.C.

When supply goes down and demand goes up, prices follow by going up (the summary of what I learned at Hopkins while getting my masters degree). Washington DC real estate was a prime example last month, experiencing a decrease in days on the market while median sales price went up 14.3%. Nearly 400 properties were sold last month, of which 20% were either short sales or foreclosures.

Single Family Homes (all of DC, not broken down my quadrant or neighborhood)
Average Net Sale Price: $644,819 after 81 days
Range: $11,000 – $2,768,775

Townhomes (all of DC, not broken down my quadrant or neighborhood)
Average Net Sale Price: $461,276 after 81 days
Range: $40,000 – $1,895,000

1 Bed, 1 Bath Condo/Coop (all of DC, not broken down my quadrant or neighborhood)
Average Net Sale Price: $299,969 after 74 days
Range: $19,080 – $625,000

2 Bed, 2 Bath Condo/Coop (all of DC, not broken down my quadrant or neighborhood)
Average Net Sale Price: $535,779 after 76
Range: $175,000 – $1,085,000