Are Price Cuts Getting DC-Area Homebuyers Off The Sidelines?

• May 30th

by UrbanTurf Staff

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A series of weekly reports about the DC-area housing market suggest that sellers are dropping their prices, and that may be getting buyers off the sidelines. 

A report from Bright MLS released earlier this week shows that the median list price for homes in the DC region fell about 6% week-over-week, with about 1 in 10 listings on the market reducing their list price. Perhaps in response, pending contract activity in the DC region was up 4% compared to a year ago, with nearly 2,100 homes finding buyers.  

The news was similar two weeks ago. A Bright report found that the list price for homes on the market had dropped about 2% week-over-week, and that contract activity was up nearly 11% in the region compared to the same week last spring.

While the recent movement might signal that the spring market is getting a late start, Bright cautions that the region likely hasn't seen the full effect of DOGE cuts yet. 

"Many households that have been impacted by layoffs and firings have not yet made any final decisions about whether or when to sell or buy a home in the region," the latest report stated. "However, a recent Washington Post-Schar School poll found that 45% of households impacting by layoffs were considering leaving the D.C. area. Some of these individuals and families may decide to move in the weeks and months ahead, which means that we have not yet seen the full impact on the regional housing market."

Thumbnail image of Maryland home that recently went under contract. 

This article originally published at https://dc.urbanturf.com/articles/blog/are_price_cuts_getting_dc_area_homebuyers_off_the_sidelines/23554.