DC Area Home Prices and Sales Hit Another Record in November

• December 12th 2016

by Nena Perry-Brown

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November was another record-setting month for the DC area housing market.

The median sales price of $407,000 was the highest for the region in the month of November since 2005, according to the latest monthly report from ShowingTime RBI. Closed sales in the area rose 16.5 percent over November 2015 to 3,899 total sales — the highest sales volume for the month since 2009 and the fourth consecutive month that sales have increased on a year-over-year basis.

While 4,264 new listings hit the market, a 7.1 percent increase from last November, it didn’t have much affect on the region’s chronically low supply of homes for sale. The 9,147 total active listings in November represented a 12 percent drop from October and a 14.4 percent decrease from last November. This is the seventh month in a row that inventory levels have dropped on a year-over-year basis.

In DC proper, the median sales price increased by 0.2 percent from November 2015 and by 4 percent since January to reach $549,000, allowing the city to surpass low-volume, high-priced Falls Church City as the region’s most expensive sub-market. DC and Falls Church City are coincidentally the only localities where inventory rose year-over-year.

Data provided by ShowingTime RBI based on listing activity from MRIS. RBI defines the DC metropolitan area as including: Washington, D.C.; Montgomery County and Prince George’s County in Maryland; and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/november_sets_records_for_regional_home_sales/11967.