As the year winds down for the regional housing market, one thing is certain: home prices are still high in the DC area.
A report out today from Bright MLS finds that home prices have been rising in the area since the beginning of the summer.
"In November, the median sold price in the Washington, D.C. metro area was $570,000, which was up 5.8% from November 2022," the report stated. "The median price in the region has been rising for six consecutive months and is up by more than 25% from 2019."
The only jurisdictions that did not see home prices rise in November were DC proper (-1.6%) and the city of Fairfax (-25%). Arlington County saw the fastest price growth last month, as prices rose 21.5% compared to last year.
Prices are rising primarily because there are still a large pool of active buyers in the region despite high interest rates, but there is very little supply for them to choose from.
"A lack of inventory continues to be the primary constraint on the market. Active listings fell again this month, down 12.4% compared to a year ago. Inventory in the Washington D.C. metro is less than 60% of what it was in 2019. New listing activity continues to be very slow. There were 3,268 new listings in November across the Washington D.C., which is down 23.7% compared to last November."
Thumbnail photo by Oleks Yaroshynskyi.
This article originally published at https://dc.urbanturf.com/articles/blog/home_prices_in_the_dc_area_have_risen_for_six_straight_months/21776.
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