Home prices rise in DC-area suburbs, led by a jump in Arlington

WASHINGTON — Median sales prices rose in almost all of the Northern Virginia and Maryland suburbs in May, led by a big jump in prices in Arlington County, the region’s most expensive county.

Long & Foster Real Estate Inc. says the median selling price in Arlington County last month was $613,500, up 15 percent from May of 2016. The change was based on 350 closed sales in Arlington in May.

Fairfax County remains Northern Virginia’s second-most expensive housing market, with a median selling price of $523,500 in May, up 5 percent.

Selling prices rose in Prince William County and Loudoun County by 5 percent and 4 percent respectively.

Alexandria saw the only drop in median selling price, down 12 percent from a year ago to $474,950. The change was based on 280 closed sales.

Montgomery County still commands the highest prices in suburban Maryland, with a median selling price of $445,000 in May, up 6 percent. The median price in Prince George’s County rose 8 percent to $275,000.

Inventory remains a huge problem in the suburbs. All counties posted double digit declines in active inventory compared to a year ago, led by a 33 percent drop in Maryland’s Prince George’s County and a 23 percent drop in both Loudoun and Prince William counties in Virginia.

The post Home prices rise in DC-area suburbs, led by a jump in Arlington appeared first on WTOP.

Source: New feed

About admin

Check Also

How the Senate health bill compares to House, ‘Obamacare’

WASHINGTON (AP) — The Senate Republican health care bill would guarantee immediate assistance for insurance …

Leave a Reply

Your email address will not be published. Required fields are marked *