What's Hot: The 9 Developments and 1,250 Units in the Works For Shaw | Summer Ready With Quick Move-In Homes at Brookland Grove
Mixed Signals in March: DC-Area Home Prices Down, But Homes Selling Quickly
The housing market in the DC region gave some mixed signals in March.
The March report from Bright MLS out today shows that home prices dropped in the DC area for the second time in four months, presumably a sign of market softening. However, the pace at which homes are selling tells a different story.
"The median days on market was nine days in March, down from 20 in February and 30 in January," the report stated. "The days on market [metric] is just 3 days longer than it was a year ago. Real estate agents shared that multiple offers are still common throughout many parts of the Mid-Atlantic."
story continues belowloading...
story continues above
While the number of days on market is low, that may have more to do with available supply of homes for sale than strong buyer demand in the market. The report said that the inventory of homes for sale is roughly half where it was in March 2019. In March, new listings in the DC area were down 35% compared to a year ago.
"We are seeing a housing market that is fast paced on a transactional level," Bright MLS chief economist Lisa Sturtevant said. "At the same time, sellers should still be ready to expect buyers to ask for things like home inspections and closing cost assistance, unheard of during the pandemic market.”
Photo Courtesy Old Town Home
This article originally published at https://dc.urbanturf.com/articles/blog/mixed_march_signals_dc-area_home_prices_down_but_homes_selling_quickly/20898.
Most Popular... This Week • Last 30 Days • Ever
A piece of legislation quietly introduced in the House of Representatives earlier thi... read »
LEGO lovers will likely be first in line for the National Building Museum's latest ex... read »
If a neighborhood is filled largely with single-family homes, chances are the market ... read »
A look at the larger residential developments in the works from Cardozo to Mount Vern... read »
Airbnb's party crackdown; the return of Adams Morgan; the resurgence of Cleveland Par... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
The residential projects that have sprouted up on the Maryland and DC sides of the Fr... read »
With a groundbreaking ceremony on Wednesday, the redevelopment of the Georgetown Wes... read »
The 23,600 square-foot mansion just hit the market, and would set a record if it fetc... read »
The immaculately kept 100-year-old house features six bedrooms and four-and-a-half ba... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
- First-Timer Primer: Virginia's Home Buyer Assistance Programs
- Mall Conversions, Trader Joes? The 1,500 Units in the Friendship Heights Pipeline
- The Four Seasons Private Residences in Georgetown Break Ground
- DC's Blaine Mansion Lists For $30 Million, A Potentially Record-Setting Price in the City
- Now Selling: A 16th Street Heights Victorian on an Island of Its Own
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro