Data as of October 6, 2020
September 2020 D.C. Metro Market Activity
D.C. Metro: September Home Sales and Median Prices
The DC Metro showed little signs of cooling off entering into the fall, as days on the market sold listings held at a ten-year low seven days. As well, median sales prices rose by a record-setting $81.0K compared to a year ago.
Area buyers took a strong interest in condos/co-ops; sales of these units hit a September high, with new pending sales up 23.8%.
FIVE THINGS TO KNOW: MEDIAN SALES PRICE
Metro area sales price grew a record +$81.0K from last September (+18.8%). Units generally sold for 100.0% of their original list price.
- Sales prices hit a September high. Prices dipped -0.6% month to month, compared to the typical -5.2% August to September decline.
- In Fairfax County, the median price of a single-family home ($770.0K) shot up +$95.0K (14.1%) from last year. Fairfax City detached homes sold for 15.0% higher prices ($730.1K).
- Montgomery County single-family homes hit a ten year high ($666.0K). Potomac detached homes closed for $1.1M (+21.6%).
- Arlington County attached homes sold for $500.0K, tied with April 2020 for highest on record. The 22202 zip code saw attached units go for $581.0K (+7.8%).
- Prince Georges County reported a ten-year peak for a second straight month on both attached ($280.0K) and detached ($385.0K) homes. Waldorf ($350.0K) gained 18.2%
MEDIAN SALES PRICE FOR THE MONTH VS. SAME MONTH YEAR-AGO
D.C. METRO TEN YEAR TREND: MEDIAN SALES PRICE
FIVE THINGS TO KNOW: CLOSED SALES
Sales volume climbed to a September best as condo / co-op closings hit an all-time high.
- The metro region marked a ten-year high for condo/co-op sales (1,575, up 43.7%). While category sales usually fall off -16.5% August to September, this year saw a 1.2% uptick.
- Washington, DC set a new ten-year record for condo/co-op sales (485, +69.0%). Condo/co-op sales in the 20002/Capitol Hill zip code (64) tripled from last year.
- Alexandria City set a new county best on condo/co-ops (149, +60.2%). The 22304 / Landmark, Cameron Station zip code (64) reported 68.4% growth in the category.
- Prince Georges County hit an overall decade best on gains in attached units (380, +40.2%). Upper Marlboro attached home sales (76) tied a ten-year monthly high.
- In Montgomery County, townhome sales marked their best level in over two years (292, 25.9%). Germantown townhome sales (58) spiked 38.1%.
CLOSED SALES FOR THE MONTH VS. SAME MONTH YEAR-AGO
D.C. METRO TEN YEAR TREND: CLOSED SALES
FIVE THINGS TO KNOW: NEW PENDING SALES
With interest rates hitting 2.90%, new pending home sales secured September highs. However, month to month declines came in above seasonal norms.
- Total metro pendings ticked down -4.6% month to month, compared to a -2.2% norm. Overall, Arlington saw September’s new pending sales fall -11.9% from August versus the month’s typical 4.0% gain.
- Condo/Co-op new pendings (1,622) experienced healthy 23.8% gains. Washington, D.C condo/co-op pendings (499) advanced 29.3%.
- Montgomery County showed a month-to-month positive performance (+2.1% versus a typical -2.8% dip for September). Silver Spring’s new pending home sales (345) improved +32.2% from September 2019 and +15.0% from August 2020.
- Prince George’s County condo/co-ops (164, +10.8%) hit a September high and their third-highest level overall in a decade. Laurel condo/co-op new pendings (30) gained 57.9%.
- Fairfax overall new pending home sales found a September high. Reston (134) reported a 22.9% improvement
NEW PENDING SALES FOR THE MONTH VS. SAME MONTH YEAR-AGO
D.C. METRO TEN YEAR TREND: NEW PENDING SALES
FIVE THINGS TO KNOW: NEW LISTINGS
New condo/co-op listings marked a new ten year high.
- The metro recorded a decade best 2,555 new listings of condos/co-ops (+38.2%). The increase in listings and lower month to month new pendings led to a minor improvement in months of inventory supply (1.40), up 8.4% from August.
- Washington DC claimed a new ten-year record for overall new listings, with new condo/co-op listings (969, +27.2%) also at a decade high. New listings of condos/co-ops in Columbia Heights (86, +28.4%) set a new monthly record.
- The level of new listings of Fairfax County condo/co-ops (532) rose 80.3% to their third-highest level in ten years. Herndon (41) saw a 156.3% lift in condo/co-op new listings.
- Prince George’s County also saw condo/co-op new listings (172, +8.9%) hit their third-highest monthly result in a decade. Silver Spring saw condo/co-op new listings (119) improve +20.2%.
- Arlington County attached home listings (312, +69.6%) marked a new ten year best. McLean attached new listings (58) advanced +48.7%.
NEW LISTINGS FOR THE MONTH VS. SAME MONTH YEAR-AGO
D.C. METRO TEN YEAR TREND: NEW LISTINGS
FIVE THINGS TO KNOW: MEDIAN DAYS ON THE MARKET
Homes continued to sell at a record-setting pace, remaining at an all-time low seven days for a second month.
- The number of sold listings coming off the market in ten days or less (3,285) more than doubled from last year (+105.3%). Montgomery County saw a 153.8% increase.
- Prince Georges County units continued to move at a brisk pace, setting a new decade low for days on the market. Waldorf homes (5 days) came off the market three weeks earlier than last year.
- Montgomery County single-family homes spent a week on the market, down 18 days. Detached homes sold in Rockville lasted seven days on the market, down by three weeks.
- Washington DC townhomes captured a new ten-year low of seven days on the market (-5 days). Petworth townhomes remained up for sale for five days, down from 17 days.
- Alexandria single-family homes saw a record low five days on the market, a three-week decline. Cameron Station homes (five days) left the market a week earlier.
MEDIAN DAYS ON THE MARKET VS. SAME MONTH YEAR AGO
D.C. METRO TEN YEAR TREND: MEDIAN DAYS ON THE MARKET
Data provided by MarketStats by ShowingTime based on listing activity from Bright MLS.
About the DC Metro Housing Market Update
The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in ShowingTime’s proprietary database. The DC Metro Area housing market includes: Washington, D.C., Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia. Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.
About Bright MLS
The Bright MLS real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C. and West Virginia. As a leading Multiple Listing Service (MLS), Bright serves approximately 95,000 real estate professionals who in turn serve over 20 million consumers. For more information, please visit www.brightmls.com.
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