DC home prices hit their highest level on record last month, but that didn’t seem to deter buyers.
The median home price for DC last month was $620,000, which matched the all-time record for prices set earlier this year. DC area prices followed suit coming in at $465,500, a decade-high for the month of November.
“The November housing market clearly was a feast for area home sellers, as the median sales price was the best for the month in the past 10 years,” Chris Finnegan, Vice President of Marketing and Communications at Bright MLS, said. “In Virginia, the median price of Fairfax County homes clocked in at $535,000 (up 7.0%), while Prince George continued to attract buyers with a median home price of $310,000 (up 7.7 percent).”
When prices have risen this year, home buyers have retreated, but that wasn’t the case in November. Despite record prices, home sales shot up in DC proper (18%) and Montgomery County (15%), rising 6 percent regionwide.
Rising sales have decimated the inventory of homes for sale in the region. The active supply of homes for sale fell 19 percent last month, and dropped in every local jurisdiction tracked by Bright MLS.