DC home prices hit record; Arlington, Alexandria hit pause

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D.C. remains a seller’s market, with just 2.1 months of active inventory on the market. (Courtesy Redfin)

The median price of a house or condo that sold in the District in November was $620,000, up 3.3% from a year ago and the highest November median price in the past 10 years.

According to the Greater Capital Association of Realtors, sales picked up in D.C. in addition to price.

The number of closed sales in the District was up 17.6% from a year earlier, and the number of contracts signed to buy, but sales that haven’t yet closed, was up 10.4%

Half of the homes that sold in the District in November were on the market for 14 days or less, and the median selling price was 100% of list.

D.C. remains a seller’s market, with just 2.1 months of active inventory on the market, and the number of new listings coming on the market last month down 2.6% from a year ago.

The median price of what sold throughout the Northern Virginia region in November was $538,250, up 5.54%, though sales were down 5.1%, according to the Northern Virginia Association of Realtors.

Median price gains were led by Fairfax County, up 7% to $535,000, and Fairfax City, up 9.1% to $551,000.

In frothy, Amazon HQ2-driven Arlington County, prices showed signs of leveling off. The median selling price in November was $537,500, down 4.9% from a year ago, and sales in Arlington County were down 12.6%.

The number of sales in Alexandria dropped significantly from year-ago levels, down 25.8%, with the median selling price down 2.5% to $539,000.

The Northern Virginia housing market is even tighter that the District.

“Buyers were competing for 30% fewer homes available than November of last year, [and] the month’s supply of housing in the NVAR region stood at 1.39, which is substantially lower than the historical 6-month norm,” said Christine Richardson, president of the Northern Virginia Association of Realtors.

In Montgomery County, Maryland, sales skyrocketed in November, according to GCAAR.

The number of closed sales in Montgomery County was 15.5% higher than a year ago, and pending sales jumped 17%. The number of active listings in Montgomery County dropped a significant 13.7%, to a supply of available home for sale at the current pace of just 1.8 months.

Montgomery County’s median selling price in November was $465,000, up 2.6% from a year ago, and also a 10 year November high.

Below are November market snapshots from the Greater Capital Area Association of Realtors and Northern Virginia Association of Realtors:

(Courtesy Greater Capital Area Association of Realtors)
(Courtesy Greater Capital Area Association of Realtors)
(Courtesy Northern Virginia Association of Realtors)

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