DC-area home prices were much higher last month than a year ago.
The median home price of $460,000 in October was the highest for the region for the month in more than a decade, according to the latest monthly report from Bright MLS. Prices rose 8 percent or $33,525 year-over-year, the largest annual gain in the area since December 2013.
The high prices didn't put a damper on home sales. Closed sales were up 9.3 percent annually, the second consecutive month of almost double-digit gains. The sales pace put a dent in the active supply of homes for sale, with inventory down to 8,495 homes, the lowest level for October over the last decade.
While the region saw home prices head north, DC prices went in the opposite direction, dropping 4 percent between October 2018 and October 2019 to $578,858. The price drop seems to have accelerated sales however, as the city saw the largest percentage increase in homes to go under contract, an increase of 15 percent year-over-year.
This article originally published at https://dc.urbanturf.com/articles/blog/as-dc-area-home-prices-hit-record-in-october-dc-home-sales-shot-up/16129.
Most Popular... This Week • Last 30 Days • Ever
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Eights month after a new proposal to redevelop part of the Takoma Metro station was p... read »
The new images provide a better sense of the big residential plans in the works for t... read »
As we approach the end of the year, UrbanTurf is taking a final look at the DC neighb... read »
Crescent Communities recently filed plans with Montgomery County for Novel Bethesda, ... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
Plans for the New York-based eatery appear to be moving forward.... read »
The development for four parcels at The Yards from Brookfield Properties and the Menk... read »
The zip codes that are home to Brentwood, Takoma Park and sections of Hyattsville top... read »
EDENS filed a planned unit development for a two-building residential development tha... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro