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March Was An Unexpectedly Strong Month For The DC-Area Housing Market

  • April 10th

by UrbanTurf Staff

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A home on Capitol Hill that went under contract in March. 

Earlier this week, we reported on data that homebuyers were coming off the sidelines in the DC region. A new report finds that March was indeed a stronger month for the housing market than many expected. 

The Bright MLS March report finds that 4,952 homes went under contract in the DC area last month, a 3% increase compared to March 2024 and 42% higher than February. 

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Click to enlarge,

The increase in contracts is likely the result of prospective buyers having more to choose from. A total of 5,925 new listings came online in March, up 19% year-over-year. 

"Buyers who remain in the market will benefit from falling rates and more inventory," the report said "However, there are significant economic headwinds which could offset those upside effects, resulting in a slower-than-average spring housing market in the D.C. region."

One other benefit to buyers? Slowing price appreciation. In March, the median home price was $625,000, up 4.2%, the slowest year-over-year price gain since October 2023.

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

This article originally published at https://dc.urbanturf.com/articles/blog/march_was_an_unexpectedly_strong_for_the_dc-area_housing_market/23384.

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