Median price of single-family home in DC tops $1M for first time

A sign "For Sale" is displayed in front of a renovated individual House in Washington on April 24, 2020. - Sales of new single?family houses collapsed in March as the lockdowns to contain the coronavirus outbreak took effect, dropping 15.4 percent compared to February, according to government data released on April 23, 2020. (Photo by Eric BARADAT / AFP) (Photo by ERIC BARADAT/AFP via Getty Images)
Median selling prices are up in the D.C. region as the local economy recovers. (Photo by Eric BARADAT / AFP) (Photo by ERIC BARADAT/AFP via Getty Images)
October was another strong month for the Washington metro’s housing market, with median selling prices up by double-digits from a year ago for the fourth consecutive month.

And there was a big increase in sales of more expensive listings.

Listing service Bright MLS reports the number of homes in the D.C. region that sold for $600,000 to $799,000 was up 38.1% from a year ago. Homes in the price range of $800,000 to just under $1 million price gained 56.9%

The median price for a single-family home that sold last month in the District crossed the $1 million level for the first time ever, at $1.1 million. That’s up 24.2% from a year ago. In D.C.’s Palisades neighborhood, detached homes sold for a median price of $2.1 million.

The median price price of a single-family home that sold throughout the Washington region in October was $647,500 — up 14% from a year ago.

“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,” Bright MLS said.

Rising prices have not slowed sales. For the third month in a row, the average number of days on the market held at a record low of just seven days.

More owners are moving to sell now as well, with the biggest increase in new listings throughout the D.C. region for condos and co-ops up 49.2% from October 2019. The number of condos and co-ops listed for sale in October remained at a 10-year high for the second straight month.

Total new listings of all home types were up 24.4% from a year ago.

The median price of all types of homes that sold throughout the Washington region in October was $510,000 — up 10.9% from a year ago.

Below is a snapshot of selling prices by jurisdiction around the Washington region. Data provided by marketStats by ShowingTime based on listing activity from 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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