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.