Real Estate

DC-Area Home Prices Hit New Records in October

Still, compared to last year, the local real-estate market has continued to calm down.

Photograph by Andrew Propp.

Though the pace of the Washington housing market has calmed down compared to earlier in the pandemic, the latest real-estate stats show that prices nonetheless continue to climb.

According to October data from multiple listing service Bright MLS, the median price for all housing types in the city of DC reached $705,000 in October, a record high. The city of Falls Church also achieved a record—the median price for single-family detached houses there hit the all-time high of $1,530,000. The median for all types of housing in the entire DC-metro area was $535,000, a seven-percent increase from October 2020.

Condos were the exception. Their October median was $340,000, a slight dip from last year’s $342,000. There also continues to be a much larger supply of them for sale. While there was little more than a month’s worth of all housing types for sale in the DC-metro area in October, there was a 4.6-month supply of condos on the market.

There is some good news for would-be buyers. Listings are taking a bit longer to sell, spending a median of nine days on the market in October—up one day from September, and two from a year ago.

Senior Editor

Marisa M. Kashino joined Washingtonian in 2009 and was a senior editor until 2022.