DC-Area Housing Market Slowed In February, Fewer Homes Hit The Market

• March 11th

by UrbanTurf Staff

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Prospective homebuyers in the DC area were not in the buying mood in February.

The number of homes that went under contract in the region last month was down 9.5% compared to February 2024, according to a new report from Bright MLS.  This is the slowest pace for homebuying in the month since 2008.

Increasing home prices are one of the main factors dampening buyer demand. The median price in February was $597,000, a 6.6% increase compared to last year, and nearly 40% higher than 2020. 

"More inventory and softer price growth would be welcome changes for prospective buyers in the market this spring," the report stated.

While more listings are on the market this year compared to last, there has been no influx of inventory due to federal layoffs. In fact, 3% fewer homes hit the market last month compared with February 2024. However, that could change in the coming months. 

"Federal government workforce cuts and back-to-the-office mandates likely will have an impact on the region’s housing market, but it is too soon to tell the extent," the report stated. "But both buyers and sellers should expect uncertainty in the weeks leading into the spring market."

This article originally published at https://dc.urbanturf.com/articles/blog/dc-area_housing_market_slowed_in_february_but_fewer_homes_hit_the_market/23276.