What's Hot: The Most Expensive Home In Chevy Chase Will Hit The Market For Just South Of $10 Million
September Surge? Home Sales Pick Up In DC Area, But It May Not Last
✉️ Want to forward this article? Click here.
Maybe it was falling interest rates or perhaps more homes hitting the market, but buyers in the DC region got off the sidelines last month.
The latest report from Bright MLS out today finds that while closed home sales last month were on par with September 2023, the number of pending home sales (homes to go under contract) rose nearly 16% year-over-year.
The increase in pending sales comes as buyer have more to choose from. Inventory has now increased for eight months in a row, with the supply of homes for sale 19% higher than a year ago.
The increase in sales should be taken with a grain of salt. The sales pace in September last year was very slow, so a large increase was to be expected. And interest rates have already started heading back up in October, which will dampen sales.
As far as hurdles facing buyers, home prices remain stubbornly high. The median home price increased nearly 9% compared to last year, coming in just below $600,000.
"The biggest constraint in the Washington DC metro area is high prices," the report stated. "Affordability challenges will keep some buyers out of the market, particularly first-time homebuyers. However, more inventory will bring more options and should ease price growth."
See other articles related to: dc area housing market, dc area housing prices, dc area housing supply, dc housing market, dc housing market trends
This article originally published at https://dc.urbanturf.com/articles/blog/september_surge_home_sales_pick_up_in_dc_area/22806.
UrbanTurf Listings showcases the DC metro area's best properties available for sale.
Most Popular... This Week • Last 30 Days • Ever
If the home ultimately sells for around that list price, it would set a record as the... read »
When purchasing a home, it's crucial to conduct a thorough inspection to determine th... read »
The federal government could be shut down by the end of today, and that shutdown coul... read »
The multi-faceted project will include restaurant, bar, fitness and event spaces.... read »
Right on the heels of a $29 million home along Foxhall Road going under contract to T... read »
- Fox News Bret Baier's $29 Million DC Home Finds A Buyer
- A Home Inspection Primer For New Home Buyers
- How a Government Shutdown Could Affect Home Loans
- Union Market Lite? New Food Hall And Event Space Planned For H Street Corridor
- The Trump Effect Continues: $10 Million Georgetown Condo Goes Under Contract
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
