The Lauren, A Condominium
Dupont Circle NEWS


Date: November 9, 2007 
Washington Business Journal

Home prices up in D.C. area

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.

"Prices continue to rise in the central jurisdictions," said John McClain, a senior fellow at George Mason University's School of Public Policy, in a statement. "By comparison, outlying suburbs of Northern Virginia have been particularly hard hit."

Selling prices in Prince George's County dropped 9 percent to $317,221 compared with a year ago. Fairfax County's prices feel 2.85 percent to an average $520,186.

The suburbs further from D.C. may be more affected by the housing slump in part because they have the highest rates of new construction and new homes cost more than older homes, according to MRIS.

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