The DC Metro market remains fast-paced with intense competition. The median time to contract has remained the same compared to the previous week, but it is 8 days longer than last year. Despite the typical summer slowdown, the market remains strong due to the high competition.
There has been a seasonal rebound in new purchase contracts after the 4th of July, with 1,377 new contracts this week, representing a 28.1% increase. However, compared to last year, contracts are still down by 17.9%, primarily due to a lack of inventory rather than a lack of interested buyers. The demand for homes remains strong.
List prices continue to be higher than last year, with a median list price of $599,900 for the week ending July 16th. This reflects a 1.7% increase from the previous week.
In summary, the DC Metro market remains highly competitive, with a strong demand for homes despite a slight increase in median time to contract. The lack of inventory contributes to a decrease in new purchase contracts compared to last year, while list prices continue to rise.
