[Update, 6/12/24:]
Updated to correct the national growth percentage to 52.7 percent over the past five years.
[Original coverage, 6/6/24:]
The Washington region has recorded the ninth highest increase in per-square-foot home-listing price over the past five years, according to new data from Realtor.com.
The Washington metro area’s median listing price per square foot was up 61.3 percent between May 2019 and May 2024. New figures were released June 4.
Nationally, the increase was 52.7 percent.
(Figures represent listing price, not final sales price, but likely are a good indicator of growth in the latter.)
The growth in per-square-foot costs was substantially higher than the 23-percent increase in consumer inflation during the same period, said Danielle Hale, chief economist for Realtor.com.
The study looks at 50 large metropolitan areas. Nearly half of them saw an increase in median price per square foot of at least 50 percent since 2019, some seeing massive changes, like New York (+84.7%), Boston (+72.9%) and Nashville (+68.6%).
Over the past year, the Washington region’s median per-square-foot listing price was up 8.4 percent, compared to a national increase of 3.8 percent.
Additional details and full analysis of the market-inventory levels, additional trends in listing prices and more can be found in the Realtor.com May housing report at https://www.realtor.com/research/april-2024-data/.
