DC-area condo prices hit new high

The median price of a condo or coop that sold last month in the D.C. area reached $345,000, the highest for a November on record. (WTOP/Jeff Clabaugh)

Condominiums and cooperatives are selling well in the D.C. area, with the median price of a condo or coop that sold last month reaching $345,000, the highest on record for November sales.

Listing service Bright MLS reports closing volume based on total dollar amount for condo and coop sales throughout the Washington region last month was up 39.5% from a year ago.

Pending sales of condos and coops — contracts signed to buy but sales not yet closed — rose 30.3% last month, the second-largest monthly gain on record.

Closed sales were down 9.1% from the previous month, but that is lower than the average October to November dip of 13.5%.

Virginia’s Fairfax County saw median condo and coop prices reach $321,000, up 10.7% from a year ago. The median condo price in Burke was $380,000, up 20.6% from last November.

The District had the strongest area demand for condos and coops, with sales up 25.3%. There are more D.C. condos for buyers to consider, with new listings up 45.6%.

D.C. town house sales were up 26.6% from last November, with sales the strongest for a November on record. Columbia Heights marked a new peak for the month, with town house sales up 62.5% from a year ago.

Town house sales in Maryland’s Prince George’s County were up 31.7%. Town house sales in Bowie were up 88.9%.

Overall, pending residential sales in the D.C. metro were up 17.2% from a year ago, with new listings for the month up 23.5% from last November.

The median selling price of all types of residential properties throughout the metro area was $500,000, a 7.4% year-over-year increase.

Homes that sold in November sold in an average of 8 days, twice as fast as the average days on market in November 2019.

Below is a snapshot of prices of properties that sold throughout the Washington region in November. Data provided by MarketStats by ShowingTime based on listing activity from Bright MLS:

Click on graphic to enlarge.

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