As of November 2024, closed sales in the Washington, D.C. metro area have shown notable improvement, with a 7.7% increase compared to November 2023. This growth has helped shift the year-to-date sales trend into positive territory, up by 0.5%. The outlook for the market remains optimistic, bolstered by strong performance in new pending sales, which saw a significant 13.8% year-over-year growth in November.
However, the market did not see uniform growth across all regions. Arlington County and Prince George’s County were exceptions, experiencing declines in new contracts by 14.7% and 0.8%, respectively. Despite these localized downturns, overall market conditions have been supported by a steady influx of new listings and a general increase in supply throughout the year.
Yet, November saw a slight contraction in new listings across the metro area, with a 5.2% decrease from the same period in 2023. Certain counties, including Arlington, Fairfax, and Loudoun, reported a reduction in active listings by the end of November 2024 compared to the previous year. Still, the overall number of active listings across the region was 10.6% higher than in November 2023, maintaining a competitive and relatively tight market.
Looking forward, the final quarter of 2024 is expected to bring continued sales momentum, with prices likely to rise and inventory levels showing gradual growth. The market is also poised for greater activity in 2025, particularly as mortgage rates are anticipated to ease. However, affordability will continue to pose a challenge for many buyers. In the coming year, it is expected that less price-sensitive buyers will dominate the market, as affordability concerns persist across various price points.
