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

  • October 11th 2023

by UrbanTurf Staff

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.

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