DC-Area Housing Market Sees Beginning of Corona Effect in March
The regional housing market kept up its hot start to the year in March until the effects of the coronavirus started to materialize.
The latest housing report from Bright MLS reveals a market that started out strong in March and then began to slow down in the middle of the month. While regional home prices saw a 10-year high for the month and homes were selling on median in just over a week, the second half of the month was very different than the first half.
story continues below
loading...story continues above
"The impact of COVID-19 related stay-at-home orders and social distancing measures became evident in the latter half of the month," the report stated.
Most notably, the number of homes that went under contract in March saw a significant year-over-year decline, falling almost 16 percent. Prospective sellers were also showing signs of hesitation, as the number of new listings to the hit the market fell to the lowest level for the month since 2015.
A more complete picture of how the virus is effecting the market will be seen when the April numbers come out next month.
See other articles related to: dc area housing market, dc housing inventory, dc housing market, dc housing prices
This article originally published at https://dc.urbanturf.com/articles/blog/dc-area-housing-market-sees-beginning-of-corona-effect-in-march/16709.
Most Popular... This Week • Last 30 Days • Ever

The largest development on the boards for the H Street Corridor is planned for a fami... read »

The 650,000 square-foot project, designed by Adjaye Associates and Hickok Cole, will ... read »

An 80-unit residential development is moving forward along the H Street Corridor, and... read »

For this edition of What X Buys, UrbanTurf explores how far a budget just below $900,... read »

Metro sees highest daily ridership since before pandemic; Tatte to open in Ivy City; ... read »
- 200-Unit Apartment Project Planned For Autozone Site Along the H Street Corridor
- A First Look at the Five-Building Centerpiece of the St. Elizabeth's Redevelopment
- Renderings Revealed For 80-Unit Project Along the H Street Corridor
- What (Just Under) $900,000 Buys in the DC Area
- Thursday's Must Reads
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!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro