Despite the pandemic and uncertainty related to the conclusion of the national election, the DC area real estate market continued to power to new heights last month. DC set a new all-time high median price for the month of November at $680,000. Sales were up an astounding 30% from November of 2019.
The Bright MLS report that analyzes the regional housing market stated:
Buyers continued to show high demand for condos/co-ops, as sales of these units hit a new record for the month. Overall, new pending sales continued to have year-to-year growth in the high teens for the third straight month. Days on the market landed at eight days.
Moving into December, seasonal declines typical for the holidays are expected, but the market will remain at record-setting pace. As well, rising COVID-19 cases could influence the market. The median sales price should remain near the $500K mark,with closings dipping -3% to -5% month to month. Notably, December’s new pending sales typically decline -20% to -25% from November, with days on the market likely to gain by a day.
The number of closed sales in the city hit 844.
The Numbers Month to Month and Year to Year
All of these changes affect your home value. If you want to know the new value of your home, click here!
Love Living DC is Washington’s #1 real estate team for dependable neighborhood expertise. If you have any questions about buying, selling, or investing in DC real estate, feel free to reach out to me anytime. I’d be happy to help.