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DC Home Prices Rise 9% As Contracts Hit 10-Year High

by UrbanTurf Staff

DC Home Prices Rise 9% As Contracts Hit 10-Year High: Figure 1
A DC home that went under contract in November.

The DC area housing market in November saw the highest level of contracts for new home purchases since 2005, as home prices in DC proper rose 9 percent compared to a year ago.

Contracts in the DC region increased for the 13th consecutive month in November, according to a report released Thursday by RealEstate Business Intelligence. There were a total of 4,186 pending sales, a 7.4 percent increase compared to last year and the highest level for the month since November 2005.

“The Washington, D.C. housing market continued to see solid increases in closed and pending sales in November, with pending sales at the best levels in a decade,” the report stated. “Inventories continue to grow at a rate similar to the last several months, driven by the
highest November level of new listings in five years.”

DC Home Prices Rise 9% As Contracts Hit 10-Year High: Figure 2

Median home prices for the region did not budge since last November ($405,000), but they have risen in certain areas. Prices are up 9.1 percent in DC proper, and a whopping 21.1 percent in Alexandria.

Here are a few other interesting statistics from the report:

  • The housing supply in the region rose to 10,682 active listings, the 26th month in a row that inventory has increased.
  • The median days on market for DC proper is 13, a 15-day drop from last year. Fairfax City had the highest median days on market of 52.

The area that RBI analyzes includes DC, Montgomery County, Prince George’s County, Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City.

This article originally published at http://dc.urbanturf.com/articles/blog/dc_home_prices_rise_9_as_contracts_hit_10-year_high/10683

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