As we approach the final weeks of 2024, the DC Metro real estate market continues to show signs of seasonal slowdown, with notable shifts in key metrics. The week ending December 1, 2024, presents a mixed picture for homebuyers and sellers alike, with decreases in new listings and purchase contracts, while median list prices hold steady.
Here’s a closer look at the market dynamics for the week:
New Listings: A Significant Decline
The DC Metro saw 517 new listings, down 38.4% from the same week in 2023 and 38.6% from the previous week. This drop aligns with seasonal trends and broader market conditions, including high interest rates, which are keeping many potential sellers from listing their homes. For buyers, this means more competition for the limited inventory.
Median List Price: Modest Growth
The median list price for homes in the DC Metro is $550,000, reflecting an 8.1% increase compared to December 2023 and a slight 0.2% uptick from last week. This suggests that sellers are maintaining their asking prices, indicating continued demand despite the slowdown in listings.
Time to Contract: Slight Improvement
The median time to contract was 31 days, one day faster than both the previous week and the same week last year. While properties are still selling relatively quickly, the overall decline in purchase contracts suggests buyer demand is subdued, likely due to affordability concerns and high mortgage rates.
New Purchase Contracts: A Notable Drop
There were 839 new purchase contracts, down 14.7% from the same week last year and 32.9% from the previous week. This decrease reflects ongoing challenges for buyers, particularly with high interest rates making homeownership less affordable. Many buyers may be waiting for more favorable conditions before making a commitment.
Market Outlook: Cautious and Conservative
The DC Metro market is experiencing a cautious, slower pace as we approach year-end. While new listings and purchase contracts are down, the steady rise in median list prices shows that demand remains in certain market segments. Sellers may need to adjust expectations, while buyers may find opportunities for negotiation in the coming weeks.
As always, it’s important for both buyers and sellers to stay informed on local market trends. Whether you are looking to buy or sell, working with a knowledgeable real estate professional can help you navigate this complex and evolving market.
