How does the market looks?
Housing Market trends
Condo inventory back to pre-pandemic levels, while the
supply of single-family homes remains tight. The overall
number of active listings across the Washington D.C.
metro area surged 28.1% compared to a year ago, the
sixth consecutive month of inventory gains. The condo
inventory has increased much more quickly, and the
condo supply is now back to where it was in 2019.
Home sales in the D.C. metro area were up 10.3% in July
compared to a year ago, but year-to-date sales are still
tracking below last year.
High home prices are keeping some buyers sidelined. In
July, home prices dipped between June and July, but the
median sold price was up 5.9% compared to a year ago.
Buyers in the market are still acting quickly. Half of all
homes sold in July were on the market eight days or less.
The median days on market was just one day longer than
a year ago.
Market Outlook
Affordability has been a growing challenge for some buyers in the
Washington D.C. metro area housing market. The rising inventory of
condominiums provides more options for first-time buyers, but
prices are still relatively high. Mortgage rates will come down this
fall, which will make it a little easier for buyers. However, single-
family inventory will still be low with sellers having the upper hand.
