The D.C.-area housing market set a record for November selling prices, though inventory remains scarce and prices actually fell in hot Alexandria and Arlington County, Virginia.
Listing service Bright MLS says the median price of a house or condo that sold in the Washington region in November was $465,500, up 3.5% from a year ago, and a new November record.
Sales volume topped $2.2 billion, up 13.4% from a year ago, and closed sales rose by 6.1%.
But pending sales — or contracts signed but sales that have not yet closed — fell 1.9%, new listings were down 5.6% from a year ago and overall inventory levels were down 19.5%, the sixth consecutive month of double-digit declines in inventory levels.
The number of sales in Arlington County was down 12.6% from a year ago, and down 25.8% in Alexandria. And the median selling price in Arlington County, at $537,000, was down 4.9% from a year ago. The median selling price in Alexandria was $539,900, down 2.5%.
Below is a snapshot of the Washington region’s housing market in November, courtesy of Bright MLS: