Home Sales Surged In The DC Area At The End Of 2024, But Will It Continue?

• January 10th

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

Last year ended with a bang for home sales in the DC area.

A report out from Bright MLS today on the region's housing market in December stated that there were nearly 3,900 home sales last month, a 26% year-over-year increase.

"Buyer activity surged at the end of 2024, even though mortgage rates stayed in the high 6% range. However, rates are roughly three-quarters of a percentage point lower than they were a year ago," the report stated. "Buyers have adjusted their expectations and have started acclimating to the new normal for interest rates."

Almost every jurisdiction, except Falls Church, saw an increase in sales. Fairfax (+35%), Loudoun (+28%) and Montgomery (+28%) saw some of the largest increases; DC experienced a 20% increase in sales. The momentum came even as median prices around the region rose 6% to just under $600,000. 

"While the increase in sales was welcome news for the housing market, there remain obstacles to the momentum continuing," the report stated. "As we move into 2025, there is significant pent-up demand in the Washington D.C. metro area housing market, but there are also headwinds. Inventory is likely to remain low across the region and affordability is a major constraint for many buyers. There is also uncertainty around Federal government employment in the region, which will be important to watch in the month ahead."

Photo courtesy of Domino Visual Media.

This article originally published at https://dc.urbanturf.com/articles/blog/home_sales_surged_in_the_dc_area_at_the_end_of_2024_but_will_it_continue/23068.