Home Prices Up in the D.C. Area

Friday, November 9, 2007
Home prices up in D.C. area
Washington Business Journal - by Erin Killian Staff Reporter

The average selling price for homes in D.C. and the close-in suburbs rose in October compared with last year, while those in further away counties like Prince George's fell.

The largest price jumps from September to October were in D.C., Arlington and Alexandria, according to a study released Friday by Rockville-based Metropolitan Regional Information Systems Inc.

The average selling price for a house in D.C. rose nearly 6 percent to $499,526 as compared with the city's prices in October 2006. Alexandria prices increased 6 percent to $490,476 and those in Arlington jumped 7 percent to $556,517. In Montgomery County, homes cost on average $317,221, up 2 percent from last year.

The results defy the national market trend, showing there are still buyers in the market willing to pay a premium to be near D.C.

Source: Washington Business Journal. View Article.

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