The Washington DC and Northern Virginia housing market, as detailed in the November 2023 statistics from Bright MLS, presents a complex yet dynamic picture. Despite a general decrease in closed sales across the region, median sales prices have notably increased. In Washington DC, including areas like Arlington and Alexandria, the median sales price has risen to $570,000, even though sales declined by 9.3%. Similarly, North Central Virginia, encompassing areas like Prince William and Stafford, saw an 8% decrease in sales but an 8% rise in median sales prices to $455,000. This trend is attributed to the low inventory levels, with active listings declining by 12% to 14% in these regions. The market is characterized by high interest rates and low inventory, causing buyer frustration but also maintaining strong demand for homes. While certain areas like Fairfax County and Loudoun County experienced significant drops in closed sales, median sales prices generally increased across the region. This situation suggests a resilient market, albeit with challenges for buyers due to limited options and high prices.
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