The median sold price for residential properties in the region for November was $580,000, representing a decrease of 2.4% compared to last month and an increase of 3.9% from November 2020. The average days on market for units sold in November was 24 days, 17% below the 5-year November average of 29 days.
The November information is the latest from the Greater Capital Area Association of REALTORS® (GCAAR), representing sales data for the Washington, D.C. and Montgomery County markets. Closed sales for the region totaled 2,089, representing a 0.1% increase in closed sales when compared to the previous month and up 2.3% compared to November 2020.
In the District, there were 854 closed sales in November (a 6.2% increase from the previous month), while the median sold price was $725,000, a 2.8% increase from the previous month and a 6.6% increase from November 2020.
In Montgomery County, the median sold price was $525,000, down 2.8% from October 2021 and up 7.1% from November 2020. Closed sales were 1,235, representing a 3.7% decrease from the previous month and a 3.1% increase from November 2020.
Average days on the market were 21 in Montgomery County and 28 in the District.
Nationally, the typical home spent 47 days on the market in November, down 10 days from the same time last year and down 23 days from 2019, according to Realtor.com’s November housing market trends report.
“As temperatures start to dip for the winter, the housing market continues to sizzle,” said 2021 GCAAR President Jan Brito. “With an average of 24 days on the market, homes in our region are selling almost twice as fast as homes nationwide.”
Regionally, there was a 12.3% month-over-month decrease in new contract activity with 2,034 New Pendings; a 7.5% month-over-month decrease in All Pendings (new contracts + contracts carried over from October) to 2,579; and a 19.8% decrease in supply to 2,745 active units.
“2021 has been a busy year for our REALTOR® members as they’ve continued to help clients from all walks of life navigate this wild market,” said GCAAR CEO Edward R. Krauze. “Buyers who want an advantage should continue to work with their REALTOR® to be ready to make an offer.”
You can access the housing market reports here:
The Greater Capital Area Association of REALTORS®, one of the largest local REALTOR® associations in the U.S., is the voice for REALTORS® in Washington, D.C. and Montgomery County, Maryland. Representing more than 10,000 real estate professionals in the greater capital area, GCAAR provides services vital to its members’ daily business needs and works with lawmakers to ensure public policy that encourages homeownership and supports the real estate industry. For more information, visit www.GCAAR.com.