The 2021 housing market started at a whiplash-inducing pace for the DC region, according to the latest monthly report from Bright MLS.
In January, the supply of homes for sale in the DC area fell below one month for the first time on record. This dearth of inventory came amid a flurry of activity, as 3,534 sales closed in the month, representing a 19% increase from the 2,964 sales closed in January 2020. New pending home sales also rose by 11.6% metrowide.
Homes in the region were not just selling, they were flying off the market. More than 1,700 homes sold within ten days of being listed, accounting for almost half of the units that closed in January. Single-family homes were selling within 8 days, nearly a month faster than last year.
Condos and co-ops are also getting increased attention from buyers, as the number of closed sales for the property type increased 33% year-over-year, totaling 1,103 units in January 2021.
Similar trends were observed in DC proper, as the 622 sales in the city in January were a 9.5% year-over-year increase. More than half of those units were condos and co-ops, and those 333 closed sales were nearly 26% higher than in January 2020. DC also saw the highest number of condos/co-ops hit the market in a decade, accounting for 737 of the 1,162 new listings in January.
“January kicked off 2021 with the same buyer enthusiasm we saw in the second half of 2020,” Brian Donnellan, Bright MLS president and CEO, said in a statement. ”Across the DC metro region, the time it took for homes to go under contract once listed declined faster than any time in nearly eight years.”
Thumbnail image of a home that recently sold in Takoma Park. Courtesy of RealTour.
- No Homes For Sale: The DC-Area's 9-Year Housing Inventory Drought
- In the DC Housing Market, Winter is the New Spring
This article originally published at http://dc.urbanturf.com/articles/blog/the-dc-housing-market-just-had-its-hottest-january-in-years/17872
Most Popular... This Week • Last 30 Days • Ever
A new residential development is on the boards in DC and the design is reminiscent of... read »
Residential development in this jurisdiction-straddling neighborhood got a major kick... read »
DC Council initially passed a bill to regulate short-term rentals over three years ag... read »
The DC area is not known for the very high home prices of New York or Los Angeles. Bu... read »
A new rendering provides a better sense for how Adams Morgan's former Brass Knob ware... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Here's what you need to know about reporting profit made from the sale of your home.... read »
A final look for the year at the DC neighborhoods where home values rose the most thi... read »
A Tysons development has the area's five tallest buildings on the boards.... read »
Homeowners will be able to expedite the ADU approval process with two options for one... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro