Monday, November 20, 2023
D.C. homes are selling almost a week faster than they were last October. This key trend is one of many nuggets from a recent Bright MLS report.
While the housing market does tend to slow a bit in late fall, prices are still rising and homes are selling quickly in the area (hence the factoid above). There were approximately 3,752 new pending sales in the D.C. metro area in October, which is 136 fewer than September. Pending sales activity is down about nine percent from a year ago, but, the gap between 2022 and 2023 monthly pending sales is at its lowest level of the year.
Low supply has kept pressure on home prices in the region, with the median price in October being $568,000. This number is up 3.3 percent from a year ago. Seasonal patterns have remained typical, with a peak in the summer and gradual downturn from there. If you’re in the hunt for a home, keep in mind they’re still selling quite quickly — the median number of days on the market in October was just nine.
Washington area buyers, however, have continued to remain persistent, even with rising prices and mortgage rates.
Catch up on The Georgetowner’s real estate news below:
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Don’t miss our monthly Realty Review too.
Bright MLS provides real estate data for the Mid-Atlantic, covering Delaware, Maryland, D.C., New Jersey, Pennsylvania, Virginia, and West Virginia.