Three Makes A Trend: Home Sales In DC Area Rise Again In November

• December 10th 2024

by UrbanTurf Staff

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The old adage says "three makes a trend", and if that is true, then there is some good momentum in the regional housing market as the year comes to a close.

The latest report from Bright MLS out today finds that both closed home sales and pending sales (homes to go under contract) rose year-over-year in November. This marks the third month in a row that either closed or pending home sales have increased. 

It's hard to pinpoint what is driving the increase in sales. There were more homes on the market (+10%) in November than last year, however new listings dropped about 6%. And while interest rates dropped in November, the decrease didn't seem like it was enough to really move the needle for buyers.

As sales picked up, home prices remained stubbornly high. The median home price in the region increased 5% compared to last year, coming in just below $600,000. In DC proper, the median price sits at $700,000, 10% higher than last November. 

"More buyer activity is anticipated for 2025 as mortgage rates ease," the report stated. "However, those watching affordability will still face challenges in the new year and it may be that less price sensitive buyers are the most participatory next year."

This article originally published at https://dc.urbanturf.com/articles/blog/three_makes_a_trend_home_sales_rise_again_in_dc_area_in_november/22994.