November 2023 Monthly Housing Market Trends Report for Arlington, VA, Washington DC and Montgomery County. This is our monthly update and insights based on year over year numbers on these three markets. What do the numbers mean to you? How can they be translated to your current needs when buying or selling?
Market Strong in the D.C. Metro Area Prices Up Fastest Since June 2022 In November, the median sold price in the Washington, D.C. metro area was $570,000, which was up 5.8% from November 2022. The median price in the region has been rising for six consecutive months and is up by more than 25% from 2019. Both new pending sales and closed sales continue to track below last year’s levels, with pending sales down 5.1% and closed sales down 9.3% year-over-year. A lack of inventory continues to be the primary constraint on the market. Active listings fell again this month, down 12.4% compared to a year ago. Inventory in the Washington D.C. metro is less than 60% of what it was in 2019. New listing activity continues to be very slow. There were 3,268 new listings in November across the Washington D.C., which is down 23.7% compared to last November. The market remains very fast paced, with the median days on market at 11 in November. Bright MLS T3 Home Demand Index According to the Bright MLS T3 Home Demand Index (HDI), market conditions in the Washington, D.C. metro declined slightly month-over-month, from 58 in November to 56 in December. Both fall into Limited demand. Though demand dropped off at the end of last year, it was better in 2022. The HDI in the D.C. metro was 76 representing Slow conditions.
