Stop us if you have heard this before: DC home prices broke a record last month.
The median home price in the city in November came in at $725,000, according to the latest housing market report from Bright MLS out today. The median price is $20,000 higher than the previous record set just a month earlier. November marks the fourth month in 2021 that home prices hit a new record high.
Prices hitting new heights did not dampen sales, however. The number of homes that went under contract last month rose 6.5% compared to November 2020 and 10% compared to November 2019. For the entire DC region, the median home price came in at $532,000 and pending home sales were up 5.4% year-over-year.
"New contract activity suggests on-going strength in the market with closer-in markets [seeing] the biggest gains in new contract activity in November," the Bright report said. "The number of new pending home sales was up 18.5% in the City of Fairfax, while Arlington County posted a year-over-year gain of 11.2% and new contract activity was up 6.5% compared to a year ago in DC."
While sales are up, there are very few homes for buyers to choose from in the region. The supply of homes for sale fell dramatically in almost every local jurisdiction, with the most pronounced drops in Arlington, Alexandria and Fairfax.
"New sellers held off entering the market as the holiday season got underway," Bright stated. "The number of new listings regionwide was down 8.9% compared to a year ago."
This article originally published at https://dc.urbanturf.com/articles/blog/dc-home-prices-break-record-again-in-november-as-inventory-plummets/19054.
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