Montgomery County Home Prices on the Rise

Homes in the Washington, DC area are selling like it’s 2009.

A report by Real Estate Business Intelligence found that the area as a whole is selling houses for about 10 percent more than last July—the biggest jump since this time four years ago. All counties within the region are posting gains in sales, including Montgomery County with a 10.4 percent year-over-year rise in prices.

“High demand and low supply contributed to median sale price gains throughout the region,” the report stated, noting the average home in the region sells for $425,000. Last year, it was an average price of $385,050.

In Montgomery County, the average July sale was $435,000, up from $394,500 in 2012. The most expensive homes in the region were located in Falls Church City, where the average home price was $750,000 this year, followed by Arlington ($525,000), Washington, DC ($520,000) Fairfax City ($487,500), Alexandria ($484,950), Fairfax ($480,000), Montgomery ($435,000) and Prince George’s ($206,750).

Not only are houses selling for a lot of money, but they’re also selling fast. The report noted that “the median days on the market for the DC Metro Area is 12 days, the lowest July-level since the peak of the housing boom in 2005.”