The Long & Foster Market Minute

Focus On: Brightwood and Petworth Housing Market October 2021

Zip Code(s): 20011
Units Sold
74
Active Inventory
186
Median Sale Price
$767,000
Days On Market
21
Down -20%
Vs. Year Ago
Up 34%
Vs. Year Ago
Up 9%
Vs. Year Ago
Up 5%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 74 sold this month in Brightwood and Petworth Real Estate versus 62 last month, an increase of 19%. This month's total units sold was lower than at this time last year, a decrease of 20% versus October 2020.

Active Inventory
Versus last year, the total number of homes available this month is higher by 47 units or 34%. The total number of active inventory this October was 186 compared to 139 in October 2020. This month's total of 186 is lower than the previous month's total supply of available inventory of 194, a decrease of 4%.

Median Sale Price
Last October, the median sale price for Brightwood and Petworth Homes was $705,000. This October, the median sale price was $767,000, an increase of 9% or $62,000 compared to last year. The current median sold price is 23% higher than in September.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
129
Current Contracts
90
Sold Vs. List Price
101.0%
Months of Supply
2.5
Down -13%
Vs. Year Ago
Down -14%
Vs. Year Ago
No Change
Vs. Year Ago
Up 68%
Vs. Year Ago

Months of Supply
In October, there was 2.5 months of supply available in Brightwood and Petworth, compared to 1.5 in October 2020. That is an increase of 68% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 129 homes newly listed for sale in Brightwood and Petworth compared to 149 in October 2020, a decrease of 13%. There were 90 current contracts pending sale this October compared to 105 a year ago. The number of current contracts is 14% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Brightwood and Petworth was 101.0% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 21, higher than the average last year, which was 20, an increase of 5%.

The Long & Foster Market Minute Brightwood and Petworth are defined as properties listed in zip code/s 20011.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.