Does a Soft September Mean That DC's Housing Market is Starting to Slow Down?
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.
story continues belowloading...
story continues above
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.”
See other articles related to: bright mls, dc area market trends, dc home and condo prices, dc home prices, dc home sales, dc housing inventory, rbi
This article originally published at https://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
Ten years later, plans to construct nearly 150 townhomes at DC's most hotly debated d... read »
LEGO lovers will likely be first in line for the National Building Museum's latest ex... read »
JBG Smith has plans for a seven-story project along Crystal Drive.... read »
The "trailer park" where homes sell for millions; a renters utopia; and ideas for whe... read »
Airbnb's party crackdown; the return of Adams Morgan; the resurgence of Cleveland Par... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
The residential projects that have sprouted up on the Maryland and DC sides of the Fr... read »
With a groundbreaking ceremony on Wednesday, the redevelopment of the Georgetown Wes... read »
The 23,600 square-foot mansion just hit the market, and would set a record if it fetc... read »
The immaculately kept 100-year-old house features six bedrooms and four-and-a-half ba... 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 »
- First-Timer Primer: Virginia's Home Buyer Assistance Programs
- Mall Conversions, Trader Joes? The 1,500 Units in the Friendship Heights Pipeline
- The Four Seasons Private Residences in Georgetown Break Ground
- DC's Blaine Mansion Lists For $30 Million, A Potentially Record-Setting Price in the City
- Now Selling: A 16th Street Heights Victorian on an Island of Its Own
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