Strengthened by low interest rates and a recovering economy, the Washington D.C. real estate markets saw record-setting median sales prices as demand remained strong and days on market held at all-time lows.
Prince George’s County earned an October-decade best closing volume (total value of all homes sold). Activity in Upper Marlboro rose 15.1%.
Montgomery County also registered an October high with 605 attached homes sold.
In the region, Days on the market for single-family homes also remained at an all-time low seven days for a third consecutive month. Buyer demand is so strong that a home that I am selling in Upper Marlboro received 12 offers in just one day on the market.
The number of closed sales in the city hit 922.
The Numbers Month to Month and Year to Year
The median sales price for all homes sold in Washington, DC last month was $675,000. This was a year-over-year increase of almost 17%. This figure also set a new record for home prices in the city by over $15,000.
In addition, the median sales price for single-family homes crossed an important psychological barrier by topping $1 million for the first time! That is a shocking 24% increase over last year.
All of these changes affect your home value. If you want to know the new value of your home, click here!
A few highlights of the current Washington, DC Homes for Sale are shown below and represent a nice cross-section of properties available, under contract, and that have sold.
This Month’s Most Expensive
A double-parcel home in the exclusive Forest Hills neighborhood of NW was last month’s most expensive home sale. The homes feature sumptuous English gardens that were conceived in 1985 by distinguished landscape architect Jane MacLeish. The eight total bedrooms were taken off the market for just $7.3 million.
This Month’s Least Expensive
The least expensive of all Washington, DC homes sold was an end-unit rowhouse in Brookland. Though it needed some TLC. the buyer got a steal at just $80,000.
Uptown Sales for October 2020
16th Street Heights
|4901 13th St NW||6||$1,555,000|
|5614 14th St NW||6||$1,265,000|
|5603 16th St NW||6||$1,212,500|
|1423 Varnum St NW||5||$1,207,000|
|1611 Kennedy Pl NW||5||$1,100,000|
|1518 Buchanan St NW||4||$1,055,000|
|1305 Delafield Pl NW||5||$1,000,000|
|4504 15th St NW||4||$940,000|
|4800 Iowa Ave NW||4||$899,000|
|1340 Kennedy St NW||3||$875,000|
|4212 14th St NW||6||$792,500|
|5106 14th St NW||5||$700,000|
|5230 Georgia Ave NW #105||2||$525,000|
|4620 Iowa Ave NW #1||2||$350,000|
|5230 Georgia Ave NW #303||1||$347,500|
|5230 Georgia Ave NW #207||1||$344,900|
|5230 Georgia Ave NW #201||1||$334,900|
|1320 Missouri Ave NW #304||1||$235,000|
|1346 Somerset Pl NW||4||$910,000|
|304 Madison St NW||4||$799,900|
|1254 Van Buren St NW||3||$781,000|
|5806 8th St NW||4||$780,000|
|5712 3rd Pl NW||4||$760,000|
|433 Jefferson St NW||3||$625,000|
|6208 8th St NW||3||$624,999|
|719 Somerset Pl NW||3||$599,000|
|6300 13th St NW||5||$575,000|
|525 Kennedy St NW #3||3||$540,000|
|525 Kennedy St NW #4||3||$530,000|
|7550 8th St NW||3||$477,000|
|422 Butternut St NW #T-6||2||$400,000|
|1365 Kennedy St NW #404||1||$252,136|
|1913 Sudbury Rd NW||3||$1,150,000|
|8114 W Beach Dr NW||3||$890,000|
|4105 18th St NW||5||$1,875,000|
|4019 18th St NW||3||$1,141,000|
|4628 Blagden Ter NW||3||$857,500|
|5712 Capitol N||3||$765,000|
|1528 Roxanna Rd NW||3||$965,000|
|1128 Shepherd Rd NW||3||$677,000|
|6608 Piney Branch Rd NW||4||$1,008,001|
|6003 Chillum Pl NE||3||$570,000|
What These Numbers Mean to You
New month, same story: Low mortgage interest rates and low inventory continue to keep the DC area market soaring to new heights. Though we’re beginning to read more anecdotes about people moving out of the city for pandemic related reasons, we are not seeing that trend reflected in the sales data. Current owners continue to see their homes appreciate in value while potential buyers struggle to outbid one another for the homes that hit the market. Despite the election, most experts expect this trend to continue at least in the short term.
Tune in next month to find out the latest local real estate news.
Love Living DC is Washington’s #1 real estate team for dependable neighborhood expertise. If you have any questions about buying, selling, or investing in DC real estate, feel free to reach out to me anytime. I’d be happy to help.