Home | Newsletter | Advertise
loading...

Listings, Rates, Prices: What Shaped The DC-Area Housing Market in September

  • October 11th 2023

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

1016 Park Rd NW.jpeg
Inside a DC home that sold in September. 

A month ago, UrbanTurf put out an article highlighting the three things that we thought would dictate the housing market in the DC region this fall: listing inventory, interest rates and home prices. It seems that article may have been prescient. 

A report out this week from Bright MLS assessing the regional housing market in September found that home sales fell 19% compared to last year; the drop in sales was largely attributed to high mortgage rates and rising home prices. 

sept-chart.jpg

The median home price in the area last month was $550,000, up 3.5% compared to last year, following months when prices either declined or remained flat. In addition to prices, the lack of new listings coming to the market is hampering sales. In September, only 4,780 new listings came online, 33% lower than September 2022. And then there is also the situation with interest rates. 

"Looking ahead, it seems more likely that mortgage rates may reach 8% rather than return to 6% in 2023," the report stated. "Elevated mortgage rates will limit future new listings as potential sellers cling to their homes with locked-in rates that are half of what we are seeing today."

See other articles related to: dc housing market, dc housing market trends

This article originally published at https://dc.urbanturf.com/articles/blog/listings_rates_prices_shape_dc-area_housing_market_in_september/21562.

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!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse