The Washington region’s year-over-year growth rate in the condominium sector outperformed the nation in the third quarter, according to new data.
The median sales price of $335,300 for condos in the Washington area for the July-to-September time frame was up 11.4 percent from the same period in 2019, according to figures reported by the National Association of Realtors.
That’s higher than the 7.9-percent national rate of increase, as the median sales price for condos across the U.S. grew to $271,700 for the period.
Higher median sales prices were recorded in all four geographic reporting areas of the nation:
• The median sales price for condos in the Northeast was $317,700, up 5.5 percent.
• The median sales price in the Midwest was $198,000, up 6.8 percent.
• The median sales price in the South was $214,900, up 10.8 percent.
• The median sales price in the West was $396,900, up 7.6 percent.
Year-over-year growth was not universal in the condo sector (which it was in the single-family market for the third quarter). A number of metro areas saw year-over-year declines, including Syracuse, N.Y. (down 4.9 percent to $144,900); Honolulu (down 0.7 percent to $438,600); and New Orleans (down 1 percent to $180,900). The New York City metro area and the nearby Westchester County region also reported year-over-year declines.
The highest median condominium sales price for the quarter was recorded in San Francisco, at $864,600. The lowest could be found in two North Carolina locales: Winston-Salem ($95,700) and Greensboro ($96,900).
[Sun Gazette Newspapers provides content to, but otherwise is unaffiliated with, InsideNoVa or Rappahannock Media LLC.]