The median price of a house or condo that sold in the District in November was $725,000, a new all-time high.
The Greater Capital Area Association of Realtors says the median price in D.C. was up 6.6% compared to November 2020. There were 854 closed sales in D.C. in November, a 6.2% increase from the previous month.
The average time on market for a D.C. listing that sold in November was 28 days.
GCAAR’s more than 10,000 real estate professional members represent sales in both D.C. and in Montgomery County.
In Montgomery County, the median sold price last month was $525,000. Though not a record, that is up 7.1% from November 2020. Montgomery County’s median home sales price record was $558,750 in April.
There were 1,235 closed sales in Montgomery County in November, down 3.7% from October but 3.1% higher than a year ago. Average days on market for a Montgomery County sale last month was 21 days.
Nationally, the typical home spent 47 days on the market in November.
“As temperatures start to dip for the winter, the housing market continues to sizzle,” said GCAAR president Jan Brito. “With an average of 24 days on the market, homes in our region are selling almost twice as fast as homes nationwide.”
There was a slowdown in new contracts signed to buy a home in November, with a 12.3% month-over-month drop in new contract activity.