October brought a surge in home sales across the Washington D.C. metro area, with 4,207 properties sold—a notable jump from both September and the same time last year. Lower mortgage rates and increased inventory have encouraged more buyers to enter the market this fall. While home prices have eased from their summer peaks, they continue to climb overall. The median sold price in October was $600,000, up 5.6% year-over-year and 0.2% higher than September, defying the usual seasonal dip between September and October.
Buyers have welcomed the boost in inventory, with the number of listings at the end of October up 15.5% compared to last year. Supply has increased for nine straight months, even surpassing pre-pandemic levels in some areas. However, competition remains strong in many parts of the region.