Last September, the regional housing market was having one of its best months on record. In the middle of a pandemic, homes were flying off the market in a matter of days despite record prices. Fast forward a year, and the market has slowed from that fever pitch.
But it would be inaccurate to say that the region is now experiencing a slow market.
The latest report from Bright MLS shows that pending home sales and home showings last month were down year-over-year in almost every local jurisdiction. However, if you compare last month's numbers to September 2019, they were up noticeably.
"The last time the housing market was as hot as last fall was in 2006," Elliot Eisenberg, Bright MLS Economist Advisor, told UrbanTurf. "Since April or May, we have been transitioning away from that market. Is it slowing a bit? Yes. Does that mean we aren't in a strong market? No."
How quickly homes sold in September compared to the last couple years is a good indicator of where the market stands. In September 2019, homes were selling in just over two weeks on median. Last year, homes were moving off the market in just a week across the region. And last month? Homes were selling, on median, in ten days.
"The fair comparison for the current market is September 2019," Eisenberg said. "If you had told me a few years ago that homes were selling in ten days and that was a sign that the market had slowed down, I would've said you were crazy."
This article originally published at https://dc.urbanturf.com/articles/blog/did-the-dc-area-housing-market-cool-off-in-september-yes-and-no/18807.
Most Popular... This Week • Last 30 Days • Ever
UrbanTurf created Pipeline, a searchable database of multifamily projects that are un... read »
As we head towards the end of the year, UrbanTurf is wrapping up its coverage of larg... read »
Prices in Wesley Heights, a DC neighborhood to the south of Spring Valley bordered by... read »
Today, UrbanTurf takes a look at the distinct differences between these two popular f... read »
The plans for the new two-building residential project at Union Market got a big thum... read »
A new report out this week found that homes in the DC region are selling nearly a wee... read »
When Amazon announced in 2018 that it would be opening a second headquarters in Virgi... read »
A revised plan is on the boards for a group of five townhouses in the middle of China... read »
The proposed district would encompass the neighborhood's commercial strip along Conne... read »
WTOP is reporting that The Heights, an eight-stall food hall that is taking over 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. Start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro