The median home price in DC hit $700,000 for the first time in June and that new high may be affecting homebuyer demand a bit.
The number of pending home sales in the region dropped 7% compared to May, according to a new Bright MLS report out today, and home showings dipped 18%. New listings hitting the market in June also rose year-over-year by at least 24% in every local jurisdiction, providing some relief to a market plagued by a shortage of homes for sale.
“Several of the needles moved incrementally in June, suggesting that the tight grip on buyers could be easing a bit," real estate economist Dr. Elliot Eisenberg told UrbanTurf. "While still a very strong seller’s market, new listings are up and pending sales are down. The Bright MLS T3 Home Demand Index also fell for the second consecutive month."
Summer is typically a time when homebuyer demand drops, so it's hard to read too much into one month of numbers. It should also be noted that the median sales price to original list price ratio for the entire region rose above 100% for the first time in June, an indication of continued competition among buyers.
- $800? The Highest Prices Per Square Foot For DC Real Estate
- The DC-Area Zip Codes Where Home Prices Appreciated the Most in 2021
This article originally published at https://dc.urbanturf.com/articles/blog/as-dc-home-prices-hit-700000-for-first-time-buyers-take-notice/18484.
Most Popular... This Week • Last 30 Days • Ever
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
When sellers haven't quite lined up their next house before their settlement date com... read »
In this edition of First Timer Primer, we take a closer look at what you are actually... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
A recent transaction shows that the housing market isn't cooling off everywhere.... read »
Developer Akridge has released new images of their planned Burnham Place development ... read »
The new development will also have a nearly 20,000 square-foot public plaza.... read »
New plans filed with Arlington County last week provide the first renderings for The ... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro