The DC-Area Housing Market May Finally Be Slowing Down
The housing market in the DC region in March had a number of the familiar calling cards that have kept it competitive for years: an extremely low supply of homes for sale, nearly record high home prices and listings selling in less than a week.
However, two metrics indicate that the market may be cooling off a little bit.
story continues below
loading...story continues above
First, pending home sales in the region (the number of homes that went under contract) were down 12% year-over-year. Sales were down in almost every local jurisdiction compared to March 2021, with Loudoun County (-25%) and Fairfax County (-20%) leading the way.
Second, home showings were also down across the board. Showings fell 22% annually and again, dropped by double digits in most jurisdictions.
"There are more signs that this year’s spring market will be different," the new Bright MLS report said. "Buyers are less active than last year, as fewer properties up for sale and record-high prices early in the buying season contributed to declining showing volume."
While interest rates rose in March, their real upward trajectory began in the last two weeks, so it will be interesting to see how this increase will affect buyer demand when the April report comes out next month.
Photo courtesy of Kiley Rakowski with HDBros.
See other articles related to: dc area housing supply, dc area market trends, dc housing market, dc housing market trends, dc housing prices
This article originally published at https://dc.urbanturf.com/articles/blog/the-dc-area-housing-market-may-finally-be-slowing-down/19513.
Most Popular... This Week • Last 30 Days • Ever
When Dan and Tanya Snyder couldn't sell their 30,000 square foot home , the former ow... read »
Cash-out refinancing is a popular financial strategy that allows homeowners to conver... read »
This weekend, the Gallery-Place Chinatown Task Force pitched its ideas to Mayor Murie... read »
DC continues to get close to meeting Mayor Muriel Bowser's goal of producing 36,000 n... read »
For years, UrbanTurf has reported on the hefty profits that DC-area home sellers have... read »
- Dan Snyder Gave His Potomac Home Away, And Now It's Coming Back On The Market
- How Does Cash-Out Refinancing Work?
- A Gallery Walk, A Night Market: 8 Big Ideas Pitched For DC's Chinatown
- 34,000 And Counting: DC Is 96% of Way Towards Meeting 2025 Housing Production Goals
- As Profits Rise, Capital Gains Tax Hits More DC Home Sellers
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro