DC-area housing market sets records in September

The D.C.-area housing market remains extremely competitive: Sellers are getting offers at a record pace, and prices reached a September high last month.

Listing service Bright MLS reports the median price of a home that sold in the area in September was $512,000, $81,000 more than the median selling price a year ago, an 18.8% year-over-year increase. It was the highest median selling price for a September on record.

Homes that sold went under contract in a record average seven days for the second consecutive month. The number of sold homes coming off the market in 10 days or sooner more than doubled from last year.

In Fairfax County, Virginia, the median price of a single-family home was $770,000, up $95,000, or 14.1% from September 2019.

In Montgomery County, Maryland, single-family homes hit a 10-year median high of $660,000. In Potomac, Maryland, the median single-family closing price was $1.1 million, up 21.6%. Counting all sales, including condominiums and town houses, the median selling price in Montgomery County was $490,100, up 14.2% from a year ago.

Arlington County remained the most expensive county in the region for median selling prices, at $710,500 in September, up 20.4% from a year earlier.

The median price in Prince George’s County last month was $350,000, up 11.1%.

In the District, the median price of what sold in September was $639,000, up 11.1%.

The D.C. metro area and the District itself also hit 10-year highs for condo and co-op sales, up 43.7% from last September area-wide, and up 69% in the District itself.

At the end of September, there were 5,769 pending sales, or contracts signed to buy but sales that had not yet closed, up 17.5% from a year ago.

At the same time, there were 7,398 active residential listings, up 9.4% from September 2019.

Below is a September housing market snapshot, with data provided by MarketStats by Showing Time based on listing activity from Bright MLS:

The September 2020 D.C.-area housing market at a glance. (Courtesy Bright MLS)
Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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