The median sold price for a residential property in Montgomery County during November rose to $525,000, which is an increase of 7.1% since November of 2020 when it was $490,000.
However, that sale price was a drop of 2.4% compared to October of this year. It took an average of 21 days to sell a home in Montgomery County in November, according to Greater Capital Area Association of Realtors (GCAAR).
Nationally, homes spent 47 days on the market last month, according to GCAAR.
The median sold price for a residential property in Washington, D.C. was $725,000 in November, which is an increase of 6.6% since one year ago, according to GCAAR.
Last month, 1,235 houses closed in Montgomery County, which is a 3.1% increase compared to November of 2020.
The median sold residential price for the region was $580,000, which is a decrease of 2.4% compared to last month and an increase of 3.9% from November 2020. The average days on the market for units sold in November was 24 days, 17% below the five-year November average of 29 days, according to GCAAR.
“As temperatures start to dip for the winter, the housing market continues to sizzle,” said 2021 GCAAR President Jan Brito in a news release. “With an average of 24 days on the market, homes in our region are selling almost twice as fast as homes nationwide.”
“2021 has been a busy year for our REALTOR® members as they’ve continued to help clients from all walks of life navigate this wild market,” said GCAAR CEO Edward R. Krauze.
GCAAR represents more than 10,000 real estate professionals in the greater capital area.
Nov. housing stats are now available! The median sales price in D.C. and Montgomery County increased 3.9% in the last year. "With an average of 24 days on the market, homes in our region are selling almost twice as fast as homes nationwide," said 2021 GCAAR President @janbrito. pic.twitter.com/yDSHVnZ11g
— GCAAR (@GCAARNow) December 20, 2021
