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DC Home Prices Hit Record High in November But Sales Keep Pace
Long-term mortgage rates and DC home prices have been doing the same thing in recent months: setting records.
A report out today from Bright MLS analyzing the regional housing market reports that the median home price in DC in November came in at $680,000, $5,000 higher than the previous record set in October and $20,000 higher than the record prior to that, set in May.
Regional home prices sat at $500,000, the highest level on record for the month of November.
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As has been the case for virtually all of 2020, rising prices didn't dampen buyer demand. Sales in the area were up 30% year-over-year; condo and co-op sales increased 40% compared to November 2019.
"Buyers continued to show high demand for condos/co-ops, as sales of these units hit a new record for the month," the report stated. "Overall, new pending sales continued to have year-to-year growth in the high teens for the third straight month."
The report also notes that, even though the market will slow down in December, sales will likely only dip slightly month-to-month and prices will remain high.
See other articles related to: dc housing inventory, dc housing market, dc housing prices
This article originally published at https://dc.urbanturf.com/articles/blog/dc-home-prices-hit-record-high-in-november-as-sales-keep-pace/17649.
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