Though remaining above the national median sales price, the rate of appreciation in the Washington region’s condominium market trailed year-over-year national growth in the second quarter of 2021.
And there may be a number of reasons why.
The median sales price of condos sold in the metro area during the April-May-June period was $351,300, an increase of 9.1 percent from a year before, according to figures reported by the National Association of Realtors.
That compares to a national increase of 17.5 percent, with the median sales price of a condominium growing to $305,700.
The reason for the D.C. region lagging? Partially because the local area seems to be more insulated from more volatile rises (and falls) in the market. But the local condo market has seen challenges during the COVID era, as well, especially at the upper end of the market.
The 17.5-percent national appreciation rate in the condo sector compares to a 22.9-percent growth rate (to $357,900) during the same period in the single-family sector. In the Washington region, the median single-family sales price of $571,500 in the second quarter was up 21.1 percent from a year before.
Back to the condominium market: Median sales prices were up in every geographic corner of the country.
• The median sales price in the Northeast was $363,700, up 17.8 percent.
• The median sales price in the Midwest was up 17.3 percent to $226,200.
• The median sales price in the South rose 17.3 percent to $240,200.
• The median sales price in the West grew 19.9 percent to $446,500.
Nationally, the highest rates of increase among cities surveyed by the National Association of Realtors were found in Austin (up 39 percent to $398,000); Albuquerque (rising 29.2 percent to $217,500); and Portland, Maine (up 28.8 percent to $366,300).
Figures represent most, but not all, home sales during the period. Figures from 2021 are preliminary.