Median home prices for June reached the highest price on record for the region at $490,000, up 4% year-over-year (source: Bright MLS). June was the 33rd consecutive month of price appreciation when compared to 2018 levels.
Homebuyers are facing intense competition, as the number of listings overall have dwindled 13.3% and new-to-market listings fell 7%. Of the inventory that sold last month, homes closed at an average 99.1% of the original list price, which is the highest list-to-sale level in six years. Particularly striking are the inventory drops in Arlington County and Alexandria, down 27.1% and 24.6% respectively from last year.