Over the past couple months, the DC housing market has done something that it seemingly hasn’t done in years: it’s slowed down from its record-breaking pace.
In July and August, median home prices in the District dropped as inventory increased, and the latest report from Bright MLS shows that September largely hewed to that narrative.
As the median price for the whole DC region hit a decade-high of $405,000 for the month of September, the District was the sole jurisdiction in the area where the median price dropped, falling 6.4 percent year-over-year to $501,000. Prices in August in DC had dropped about 5 percent compared to the previous year.
Change in median sales price in the DC area
In the DC area, September was the 17th straight month of year-over-year inventory declines and the 12th straight month of price increases; however in DC, closed sales fell by almost 14 percent compared to last September, and by month’s end, there were 15.6 percent more new listings on the market, contributing to the greatest increase in overall inventory in the area and the strongest inventory influx for the District since June.
So does this data signal a market slow down for the nation’s capital? Not really says Andrew Strauch, Vice President at Bright MLS.
Year-over-year change in closed sales in the DC area
“The slowdown in sales volume this September was an anomaly as last September’s volume was the highest it has been over the past five years,” Strauch told UrbanTurf. “New listings, active listings and new pending contract are all at five-year highs, and the 611 closed sales in the District in September were just slightly below the five-year average of 620 sales for the city.”
Strauch did note that the number of new listings coming on the market means that price appreciation is not as rampant as it has been in years past, averaging 1 percent year-to-date.
“We expect price appreciation to be in the low single digits over the next several months while inventory continues to grow.”
This article originally published at http://dc.urbanturf.com/articles/blog/does_a_soft_september_mean_that_dcs_housing_market_is_starting_to_slow/13105
Most Popular... This Week • Last 30 Days • Ever
Here's what you need to know about reporting profit made from the sale of your home.... read »
A final look for the year at the DC neighborhoods where home values rose the most thi... read »
Residential development in this jurisdiction-straddling neighborhood got a major kick... read »
A new residential development is on the boards in DC and the design is reminiscent of... read »
DC Council initially passed a bill to regulate short-term rentals over three years ag... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
A Tysons development has the area's five tallest buildings on the boards.... read »
Homeowners will be able to expedite the ADU approval process with two options for one... read »
A rezoning may be in the works for the AutoZone site.... read »
The priciest condo to ever sell in DC just closed last week, nearly a month after 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