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New Month, Same Story: Home Prices Rise in DC Area As Supply Suffers

  • February 12th 2024

by UrbanTurf Staff

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A home that sold in Petworth. 

The narrative of the regional housing market in recent months was one of high prices and little inventory, and January was no exception.

Home prices rose 7% in the DC region in January, according to a new report out today from Bright MLS. Prices increased in all but two local jurisdictions with Fairfax (12.9%) and DC (10.4%) leading the way.

"Prices in the region have been rising steadily since last summer and the median price is now 29% higher than it was in January 2019," the report stated.

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From Bright MLS. Click to enlarge.

The "golden handcuff" effect continues to weigh on the market, as homeowners who locked in low interest rates over the last five years have little incentive to list their homes when faced with buying a home at today's higher rates. Active listings dropping 5% compared to a year ago is a prime example of this effect. 

"Showing activity and new pending sales were lower in January than they were last year, but that lower activity does not indicate a falling off of demand," the report said. "Rather, a lack of inventory continues to be the major constraint on the Washington, D.C. metro area housing market."

This article originally published at https://dc.urbanturf.com/articles/blog/new_month_same_story_home_prices_rise_in_dc_area_as_supply_suffers/21954.

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