Record Prices, 10,000 Homes For Sale And A Surprising May Market In The DC Area

• June 10th

by UrbanTurf Staff

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As recent evidence indicated, May ended up being a pretty busy month for the DC-area housing market. 

The latest report from Bright MLS out today found that home prices in the DC region broke another record in May, nearly hitting $660,000 for the first time. Home prices rose in nearly all major jurisdictions except for Frederick County. 

Despite the higher prices, pending home sales were up on both a monthly and annual basis. This may be because buyers have a lot more to choose from these days, even though the market isn't flooded with new listings. At the end of May, there were 10,413 active listings on the market, a 41% increase over a year ago. While the increase is substantial, the number of new listings to hit the market is up just 0.4% over last year.

"The Washington D.C. area housing market has been slower-than-typical this spring, but it has fared much better than some expected in the face of cuts to the federal workforce and general economic uncertainty," Lisa Sturtevant of Bright MLS stats. "It may be too early to see the impacts of job cuts as more people will make decisions about buying and selling as we get past the end of the school year and into the summer."

Photo by BTW Images. 

This article originally published at https://dc.urbanturf.com/articles/blog/record_prices_10000_homes_for_sale_and_a_surprising_may_market_in_the_dc_ar/23586.