Mixed Signals in March: DC-Area Home Prices Down, But Homes Selling Quickly
✉️ Want to forward this article? Click here.
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 below
loading...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 look at the closing costs that homebuyers pay at the closing table.... read »
3331 N Street NW sold in an off-market transaction on Thursday for nearly $12 million... read »
In this article, UrbanTurf will explore the considerations and steps involved in buyi... read »
The most expensive home to sell in the DC region in years closed on Halloween for an ... read »
Paradigm Development Company has plans in the works to build a 12-story, 110-unit con... read »
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
Unique Spaces
Awesome and unusual real estate from across the DC Metro