High Home Prices And Rising Supply Shape DC-Area Market in June

• July 10th 2024

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

The housing market in the DC region in June remained stagnant as record home prices dampened sales and the supply of homes for sale continued to rise. 

A report out today from Bright MLS on the state of the market found that home prices remained at a record high for the third month in a row, pushing sales down 12% compared to last June.

Regional home prices matched their all-time high of $640,000 in June, with close-in submarkets seeing the fastest price growth. In DC, home prices rose 18% to $719,000, while in Arlington, prices increased nearly 24% to $807,500. 

High home prices pushed sales down in every submarket covered by Bright MLS. Closed sales fell 25% in DC, Arlington and Alexandria compared to last June. Meanwhile, the inventory of homes for sale increased for the fifth month in a row. At the end of June, there were 7,257 listings on the market, up 22% compared to last summer. 

"Record high home prices and mortgage rates stuck near 7% have kept some homebuyers out of the market in the first half of 2024," the report stated. "Expect mortgage rates to fall in the coming months, though rates likely will remain in the mid-6’s. More inventory coming onto the market will draw in more buyers. While prices will continue to rise, buyers will have more leverage and year-over-year price growth will moderate."

Photo Courtesy of Upward Studio

This article originally published at https://dc.urbanturf.com/articles/blog/high_home_prices_and_rising_supply_shape_dc-area_market_in_june/22498.