DC-Area Home Prices Hit Record in November as DC Proper Prices Remain Flat

• December 11, 2017

by Nena Perry-Brown

A Logan Circle condo that sold in November.

The DC housing market has been bucking regionwide trends during the latter half of 2017, particularly in the realm of home prices which dropped in the city for four consecutive months over the summer as area prices hit record highs. A new report out Monday shows that home values in DC hit the brakes in November as regional prices continued to set records.

According to the latest report from Bright MLS, the median home price for DC proper was flat year-over-year at $549,000 in November. Meanwhile, the median home sales price regionwide hit a decade high for the month of November, increasing by 4.4 percent to $425,000. Last month, DC proper was the only jurisdiction in the area where prices did not rise.

Total inventory in November regionwide

November marked the 14th consecutive month where prices in the DC area increased year-over-year, and it was the 19th month in a row where inventory fell on an annual basis.

In the continued theme of DC doing the opposite of the rest of the region, inventory rose in DC last month with active listings jumping 7.5 percent year-over-year. This increase comes despite there being nearly six percent more closed sales in the city than in November 2016, and as homes are spending just 9 days on the market, on median.

This article originally published at http://dc.urbanturf.com/articles/blog/dc_area_home_prices_hit_record_in_november_as_dc_proper_prices/13349