Even as buyers have more inventory to choose from, sellers across the local region continue to get, on average, more per square foot for their properties than they were getting a year ago.
In both May and for the first five months of the year, average per-square-foot prices were up in each of the Washington region’s major jurisdictions, according to data from Bright MLS as analyzed by the Sun Gazette.
Leading the pack, as usual, was the District of Columbia, where sellers on average received $553 for every square foot of their home during the January-to-May period. That’s up, albeit only 1.1 percent, compared to the same five-month period in 2021.
Rounding out the top five was a quartet of Northern Virginia localities:
• The average per-square-foot price of $495 in Arlington was up 6 percent from $467.
• The average price of $465 in Falls Church was up 11.2 percent from $418.
• The average price of $439 in Alexandria was up 6.6 percent from $412.
• The average price of $342 in Fairfax County was up 8.2 percent from $316.
Breaking the D.C./Virginia monopoly was Montgomery County, Md., which posted an average per-square-foot cost of $303, up 9.4 percent from $277.
It was followed by Loudoun County ($274, up 15.6% from $237); Prince George’s County ($238, up 8.7% from $219); and Prince William County ($226, up 13.6% from $199).
For the Mid-Atlantic region as a whole, the average per-square-foot sales price for the year though May 31 was $233, up 9.4 percent from $213.