As we approach the end of the year, the real estate market in the DC Metro area is showing continued signs of activity, with key indicators revealing mixed trends as buyers and sellers adjust to current conditions.
New Listings:
The number of new listings in the DC Metro area reached 836 this week, representing a 12.8% increase compared to the same period in December 2023. This suggests that sellers are gradually entering the market, likely in anticipation of the new year. However, the number of new listings is 61.7% lower than the previous week, indicating a seasonal slowdown typical for the holidays. This dip in weekly new listings is not unusual, but it also points to the ongoing challenge of low inventory levels in the market.
Median List Price:
The median list price for properties in the region stands at $550,000, which reflects a 4.8% increase compared to December 2023. This price growth suggests that demand for homes continues to outpace supply, pushing prices upward. However, there has been no change in the median list price compared to the previous week, indicating stability in asking prices despite the seasonal lull.
Time to Contract:
Homes in the DC Metro area are taking a median of 35 days to go under contract. This represents a 3-day increase compared to December 2023, as well as a 4-day increase compared to last week. While this longer time to contract may indicate a slight softening in buyer activity, it still remains within a reasonable timeframe considering current market conditions. Homes that are well-priced and marketed are still attracting buyer interest, but the increased days on market suggest that some buyers may be more cautious or selective at this time of year.
New Purchase Contracts:
This week, there were 942 new purchase contracts signed in the DC Metro area, showing no change compared to December 2023. However, there has been a 12.3% increase compared to the previous week. This uptick in weekly contracts could be a sign of renewed buyer activity as we head into the final stretch of the year, potentially indicating that buyers are eager to secure deals before year-end tax considerations take effect.
As we move toward the end of 2024, the DC Metro housing market remains resilient, albeit with some seasonal slowdown. The increase in new listings and median list prices points to a steady level of interest, though inventory remains constrained. The rise in time to contract and the slight dip in weekly listings suggest that buyers may be taking a more cautious approach as they wait for the right opportunities.
Looking ahead to 2025, the market will likely see a balance between sellers looking to capitalize on higher prices and buyers trying to navigate interest rate challenges. With many buyers still actively seeking homes before the new year, it is expected that the pace of new contracts will continue to fluctuate with market conditions.
As always, we encourage both buyers and sellers to remain informed and work closely with real estate professionals to navigate these dynamic market shifts.
