The median price of a home that sold in the Washington metro area in October was $460,000, an October record and up 7.9% from a year ago.
Listing service Bright MLS said that is the largest year-over-year percentage gain since December 2013. It was also the 37th month of price appreciation.
Sales also picked up in October.
Closed sales were up 9.3% across the Washington region, the second consecutive month of near double-digit gains in closed sales. And contracts signed to buy a house or a condo, but sales that have not yet closed, were up 4.1%.
Buyers are still facing a tight inventory in the Washington market.
New listings in October were flat compared to last year, and overall inventory levels, or the number of homes for sale, is now the lowest for an October in a decade.
Sellers in October got an average 98.5% of list price, and the average number of days it took to sell a home in October was just 14 days, also the fastest pace of list to sale for an October in a decade.
Prices continue to rise in Alexandria and Arlington County. The median price of what sold in Alexandria City in October was $602,500, up 11.6%. The median price of what sold in Arlington County was $579,500, up 6.8%.
Below is a snapshot of the Washington region’s housing market activity in October, courtesy of MarketStats by ShowingTime based on listing activity from Bright MLS.