November 2021 Real Estate Update

Bright MLS Real Estate

Data as of December 6, 2021

Washington, DC Market Key Findings

Demand for homes in the Washington Metro area fell sharply in November, as reflected by the nearly 24 percent decrease in the Bright MLS T3 Home Demand Index. The Index signaled a Steady level of demand, compared with Moderate demand over the previous four months.

Demand fell for each type of home in November. The higher-priced single-family segment posted the largest drop in November but still recorded Moderate demand following several months of elevated buyer interest. Consistent with the past several months, the lower-priced single-family segment exhibited the weakest demand. Higher-priced condos recorded the strongest demand. Inventory levels ranged from a 1.2 months supply for mid-priced single-family homes to a 3.3 months supply for higher-priced condos. The months supply was unchanged or down slightly for all market segments over the month.

November 2021 Closed Sales

  • Home sales in the Washington DC metro area were up 1.7% compared to last November, which is an indication of the continued market strength. Sales were steady between October and November (+0.3%), contrasting with historic trends when month-to-month sales have declined by 8.0% on average.
  • The strongest sales activity was in the region’s close-in suburbs, including Arlington County, where sales were up 30.9% compared to a year ago, and the City of Alexandria, where sales were 11.0% higher. By contrast, there were weaker sales in Loudoun County (-2.2% y-o-y) and Prince George’s County (-1.1% y-o-y), although current sales numbers are being compared to unusually high sales activity during November 2020.
  • Strongest sales activity was among condominiums, with sales up 6.9% compared to a year ago. Townhome sales were also up strongly (+5.2%). Compared to a year ago, there was less sales activity in the single-family detached market where the number of sales was down 3.4%.

November 2021 Median Sales Price

  • Home prices continue to rise across the region. The median sales price in the DC metro area was $531,500 in November, up 7.2% compared to a year ago.
  • Prices were up in all local markets across the region, with the strongest price growth in the City of Fairfax (+20.1%) and Arlington County (+9.3%) in Virginia, and Frederick County, MD (+9.7%).
  • While sales were slower, prices of single-family detached homes in the region accelerated. In November, the median price of a single-family detached home in the DC metro area was $675,000, an 8.9% increase from a year ago. The median townhome price was up 8.3% and condominium prices rose 3.9% year-over-year.
  • Buyers continued to have little room for negotiation, with the sale to list price ratio at 100.5%. However, sellers are less likely to get above their asking price, indicating that bidding wars are slowing.

November 2021 New Pending Sales

  • New contract activity suggests on-going strength in the market. Regionwide, the number of new pending home sales was up 5.4% compared to November. While upcoming sales dipped -14.5% compared to October, this drop is in line with typical November trends.
  • Closer-in markets saw the biggest gains in new contract activity in November. The number of new pending home sales was up 18.5% in the City of Fairfax, while Arlington County posted a year-over-year gain of 11.2% and DC new contract activity was up 6.5% compared to a year ago. Buyer activity slowed in Loudoun County, VA (-21.3% y-o-y) and Frederick County, MD (-9.4%).
  • Pending sales activity was strongest among townhomes in November, with the number of new contracts up by 8.3% compared to a year ago.

November 2021 New Listings

  • New sellers held off entering the market as the holiday season got underway. The number of new listings regionwide was down 8.9% compared to a year ago. New listings fell -28.9% between October and November, similar to seasonal norms.
  • The number of new listing plummeted in Arlington County, where the number of homes coming on the market was 31.2% lower than a year ago and down 42.9% compared to October. New listings also were down significantly in the City of Alexandria (-19.1% y-o-y), Loudoun County (18.2%), and Fairfax County (-17.9%).
  • New listings are down across housing types, though the biggest decline was among condominiums, were the number of new homes coming onto the market was down 16.3% compared to a year ago and was off by 44.0% compared to last month.

November 2021 Median Days on Market

  • Despite strong demand, the median days on market in the Washington DC metro area ticked up again in November. Regionwide, the median days on market was 11, up from 7 days a year ago and up from 9 days in October.
  • While the median days on market increased slightly, homes are still selling very quickly across the region. In Loudoun County, VA and Frederick County, MD, half of all homes sold in November were on the market less than a week (7 days).
  • Condominiums tend to be on the market longer than single-family homes, with the median days on market at 18 in November (up from 12 days a year ago and up from 15 days in October). The median days on market rose for all housing types in the DC metro area in November.

November 2021 Showings

  • Buyer traffic eased a bit in November, likely reflecting seasonal trends. The number of showings in the DC metro area was virtually unchanged from a year ago (-0.7%), though showing activity was down -20.5% from October, the largest of the three major Mid-Atlantic metros.
  • Showings data suggests less buyer interest in some of the region’s more suburban communities, including Loudoun County, where showings were down 13.5% year-over-year. By contrast, showing activity was higher compared to last year in the District of Columbia, as well as many of the closer-in suburbs.

Washington, DC Metro Closed Sales

Washington, DC Metro Ten Year Trends

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: Alexandria City, Arlington County, Fairfax City, Fairfax County, Falls Church City, Frederick County (MD). Loudoun County, Montgomery County, Prince George’s County, Washington, D.C.

Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.

About Bright MLS

About Bright MLS Bright MLS’s 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 supports over 95,000 real estate professionals who in turn serve the more than 20 million homeowners in our footprint. In 2020, Bright’s customers facilitated $116.3B in real estate transactions through our system. For more information, please visit