While some city residents continue to move out of D.C.’s borders into suburban and rural areas, buyer demand is still high, and there have not been enough homes for sale in 2020.
Overall, home prices rose in October throughout the region, with the median sales price for all types of homes in D.C. rising 16.6 percent compared with October 2019, to $675,000. Regionally, the median sales price rose 10.9 percent in October year-over-year to $510,000, the fourth consecutive month of year-over-year double-digit percentage price increases.
In another indication that the region is becoming an even more expensive housing market, the number of homes that sold in the $600,000-to-$799,000 range rose 38.1 percent in October compared with October 2019, while the number of homes that sold in the $800,000-to-$999,000 range rose 56.9 percent.
Prices are especially high in some neighborhoods in the city, such as the Palisades in Northwest, where the median sales price for a single-family home was $2.1 million, a 69.6 percent increase over October 2019. In the 20015 Zip code in Friendship Heights and Chevy Chase, D.C., also in Northwest, the median sales price for all types of homes was $1,237,500 in October, an increase of 14.5 percent year-over-year.
But relief may be on the way: Bright MLS reports that prices may be leveling off since they declined 0.4 percent in October compared with September, when typically prices rise 2 percent from September to October. In addition, homeowners appear to be increasingly willing to sell their homes.
While new listings in D.C. were down 14.6 percent in October compared with October 2019, more townhouses and condos are coming on the market. New listings in D.C. of attached townhouses rose by 25.9 percent to 1,481 in October 2020 compared with October 2019, which Bright says is a 10-year high. Regionally, new listings of condos rose by 49.2 percent year-over-year to 2,626 in October.
For the full Bright MLS report, click here.
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