DC home prices set two new records in October.
First, the median home price in the city was $705,000, the highest level on record in DC and $5,000 higher than the previous record set in June.
Second, the median home price for a single-family home came in at $1.177 million, $75,000 higher than the previous record for this property type, set just a year ago.
Now, let's give some historical context to these numbers.
DC home prices are up 4.5% compared to October 2020, 22% compared to October 2019 and nearly 30% since October 2017. As for single-family home prices, the increase is similarly drastic. Prices for this property type are up 7% year-over-year, 33% compared to October 2019 and 42% compared to October 2017.
So, what do these prices mean for the market? Well, buyers are taking notice.
Closed home sales were down 13% year-over-year in DC in October and the number of homes to go under contract fell 6%, according to the latest monthly report from Bright MLS. In the DC region, where prices are up 7% since last October, closed sales fell 9%, but new pending sales were up 2%.
"The DC market remains a strong sellers market, but shows some signs of cooling," Elliot Eisenberg, Bright MLS Economist Advisor, told UrbanTurf. "Home sales in October 2021 are down from their frenzied level last year, but well up from October 2019. Similarly pending sales and showings are down slightly from a year ago, but are both way up from two years ago. This all suggests a somewhat softer market, but it is necessary to keep in mind that fall 2020 was one of the strongest seasons since the housing bust, so some softening is not surprising. But, this is clearly not a soft market."
This article originally published at https://dc.urbanturf.com/articles/blog/dc-home-prices-hit-two-new-records-in-october/18941.
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