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Monday, August 15, 2022
ArlingtonReal EstateLocal condo prices still rising, but more modestly

Local condo prices still rising, but more modestly

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Although they remain well above the national median sales price, home-value appreciation in the Washington region’s condominium market trailed most other areas in new data.

The median sales price of a condo in the Washington region during the first quarter of 2022 was $341,000, up 4.3 percent from a year before, according to new data from the National Association of Realtors.

That compares to a national rise of 11.2 percent (to $308,500), with three of the nation’s four large geographic areas posting double-digit increases.
Among those four geographic areas:

• The median sales price of condos in the Northeast for the quarter was $346,500, up 7.5 percent.

• The median sales price in the Midwest was $219,700, up 10.1 percent.

• The median sales price in the South was $258,300, up 16.3 percent.

• The median sales price in the West was $480,800, up 17.4 percent.

Every metro area with enough condominium sales to merit inclusion in the ranking posted a year-over-year increase in median sales prices. The highest median price came in San Francisco, at $912,700; the lowest at Winston-Salem (N.C.) at $120,000.

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