Report: Home Prices in DC Area Up 7.2 Percent

By Ben Gross

Home prices in the Washington, DC, region were up 7.2 percent from April 2012 to April 2013, according to the Washington Business Journal.

While any increase is likely music to homeowners’ ears, the gain is significantly smaller than the average 12.1 percent gain among the 20 largest cities in the United States, a figure reported by the journal.

Phoenix, AZ, had the largest increase, at 22.5 percent, according to Business Insider. San Francisco, CA, and Las Vegas, NV, were next on the list with 22.2 percent and 20.6 percent increases respectively.

Boston, MA (6.7 percent), Cleveland, OH (4.8 percent) and New York City (2.6 percent) had the smallest increases, according to the data.

Using data from May 2013, Long & Foster shows a 6 percent increase in the median sale price for Montgomery County homes from March 2012.  In Prince George’s County, Long & Foster reports an 18 percent increase in median home sale prices over the same range of time.