December 12, 2017 | Josh Sullivan
November proved to be an active month throughout DC Metro’s robust market. Median sales price reached a decade-high level of $425,000 throughout the region, while sales volume exceeded $2 billion, a 11.5% increase over last year. While the majority of the region’s sub-markets flourished in November, the District’s growth from October seemed to taper off.
As mentioned above, Washington, DC struggled to surpass last year’s sale price of $549,000 for the month of November. While price levels remained flat, sales volume increased ever so slightly. In the District, 710 homes sold last month, with both condo and townhome sales growing 7.4% and 6% YoY, respectively. Detached single-family homes regressed to 106 closings, a 2% decrease YoY. The lack of traditional growth seen in DC can be attributed to the rising inventory, while buyer demand continues its lull from the start of Fall to the holidays.
Arlington County, VA
Contrary to Washington, DC’s infusion of inventory, Arlington experienced a decrease both in overall inventory and new listings. The limited inventory in Arlington provided the perfect climate for sellers yearning for buying power. Median sales price for the county reached $575,000, up 10% over last year. Arlington County posted 253 closings for the month of November, with an increase in both condo and detached single-family residence sales.
Fairfax County, VA
Similar to Arlington County, the much larger Fairfax County experienced growth in both sales price and number of closings. 1,114 homes sold during the month of November, pushing the median sales price up 6.3% YoY to $485,000 for the month. Detached single-family residences improved nearly 10% to 567 sales last month. Townhomes increased a mere 2.5% while condo sales remained unchanged at 237 closings.