There’s no doubt real estate in DC can be pricey, but the region as a whole just hit a brand-new record. The median sales price for a single-family home in DC this past October surpassed $1 million for the very first time.
According to a report from listing service Bright MLS, that’s a gain of more than $200,000 year-over-year. Prices rose about 24-percent in a 12-month period to reach a median sales price of $1.1 million in October 2020.
It was even higher than that in some areas. In the Palisades neighborhood, the median sales price of detached single-family homes in October 2020 topped $2 million. That’s a more than 69-percent increase over October of last year.
In Chevy Chase and Friendship Heights, the median sales price for all homes in October was up about 14-percent year-over-year. Higher prices aren’t slowing down sales in DC, either. Demand remains extremely high in the DC area and homes are selling fast.
In Alexandria alone, single-family homes have commonly been selling in just five days, with most other places selling in a week or less. Analysts credit a recovering local economy and low interest rates.
Interestingly enough, most of the gains, as of late, appear to be with higher-end homes. Even so, the number of homes selling in the price range of $600,000-$799,000 was also up. Comparing year-over-year, sales in this price range increased by more than 38-percent.
For the $800,000 to nearly $1 million price range, home sales were also up. With these types of homes, sales increased nearly 57-percent.
The biggest increase in new listings across the region appears to be with condos and co-ops. New condo listings were up about 49-percent over last October. In comparison, new attached townhouse listings in DC were up nearly 26-percent from last October to this October.