DC home prices set two records in October
The median home price came in at $675,000, a year-over-year increase of almost 17% and $15,000 higher than the previous record home price for the city, according to a new report out today from Bright MLS.
However, prices for single-family homes in the city went through the roof.
The median price for a single-family home crossed the $1 million threshold for the first time last month. Prices rose 24% year-over-year to a median of $1.1 million. It was a jump of more than $200,000 in just 12 months.
"Strengthened by low interest rates and a recovering local economy, the DC Metro area continued to see record-setting median sales prices, with gains particularly among higher-end homes," the October report stated.
Despite the rising prices, homes continued to fly off the market. Properties were selling in about a week or less in every local jurisdiction. Single-family homes in Alexandria were selling in just five days.
The October housing market in the DC region was characterized by prices, specifically record home prices. From DC to Alexandria, prices across the region reached new highs last month, but as has been the case for most of the year, the rising prices are not dampening enormous buyer demand.
Below, UrbanTurf plucked out some of the more telling statistics from the October market.
- $510,000 -- The median home price in the DC region in October, the highest level on record for the region.
- $675,000 -- The median home price for DC in October, the highest on record for the city.
- $1.1 million -- The median home price for single-family homes in October, the highest on record in DC.
- 24% -- Increase in home sales in the region between October 2019 and October 2020.
- 15 -- The number of neighborhoods in DC where the median home price exceeded $1 million in October.
- 1.53 -- The months of supply of active listings in October, a 17 percent year-over-year drop.
- 7 -- The median number of days that homes spent on the market in the region in October.
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Original Articles:
https://dc.urbanturf.com/articles/blog/dc-median-house-price-rises-above-1-million-for-first-time-in-october/17518
https://dc.urbanturf.com/articles/blog/records-all-over-the-october-housing-market-by-the-numbers/17530