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: