December 20, 2016 | Josh Sullivan
2016 exceeded our expectations and proved to be one of the strongest years for the DC real estate market.
Each month has posted record-setting numbers, and November is no exception. We saw the highest median sales price for the month of November since 2005 and the most closings since November 2009.
As you can see in the graphic above, the median sales price for the DC metro was $407,000 in November. This is the highest level we’ve seen since November of 2005 and a 2% increase over the 5-year average of $397,390. When we break down the sales by property type, we see that only single-family detached residences increased, rising 0.8% to $489,000 for November. Townhomes decreased 1.7% to $400,000 and condos decreased 1.6% to $286,375 for the DC metro.
The District has surpassed Falls Church City as the most expensive location in the region this month. Low inventory combined with higher-than-asking offers, has made D.C. a highly sought after location.
The median sale price for D.C. increased only slightly YoY from $548,000 to $549,000 for the month of November. Townhouses’ sale prices increased, while detached single-family residences and condos decreased.
Townhouses in the District increased 1.8% over last November, bringing the median sales price to $692,000. Detached single-family residences dropped precipitously to $732,500 posting a 11.2% decrease from last year. Condos followed suit with a 3.5% decrease and a median sales price of $420,000.
Fairfax County remained almost unchanged compared to last November, decreasing 0.8% to a median sales price of $456,328.
We saw a slight decrease YoY for detached single-family residences in November, dropping 2.6% to $602,500. Though single-family residences decreased, townhouses and condos more than made up for it, each posting an improvement over last November. Townhouses increased 2% with a median sales price of $399,950, while condos rose 12.3% with a median sales price of $264,000.
Arlington County saw a significant decrease in median sales price, dropping 7.7% from last year to $525,000. Detached single-family residences along with townhouses decreased significantly, while condo sales increased slightly.
Detached single-family residences median sale price dropped 6.5% to $795,000 for the month of November. Townhouses experienced a 13.9% decrease from last year, posting a $570,000 median sales price. Condo sales rose slightly to $397,900, showing a 6.1% increase from last November.