November 2020 Housing Market Update: Median sales prices in the Washington D.C. hit November highs while new pending home sales rose
- Median sales prices in the D.C. Metro hit a November high of $500.0K. Buyers continued to show high demand for condos/co-ops, as unit sales hit a new record for the month. Overall, new pending sales continued to have year-to-year growth in the high teens for the third straight month. Days on the market landed at eight days.
- Moving into December, seasonal declines typical for the holidays are expected. As well, rising COVID-19 cases could influence the market. The median sales price should remain near the $500K mark, with closings dipping -3% to -5% month to month. Notably, December’s new pending sales typically decline -20% to -25% from November, with days on the market likely to gain by a day or two.
- Buyers continued to have a considerable interest in condos/co-ops, as closing volume improved by 40% compared to last November.
- New pending condo/co-op home sales (1,433) rose +30% – the second-largest monthly gain on record.
- Year over year, total listings continued to rise by nearly 25% for a second straight month, with condo/co-op new listings (1,763) up +45.8%.