In the wake of COVID-19, home sales fell in every DC-area jurisdiction in April, dropping 20% for the region year-over-year and as much as 25-30% in Arlington and DC proper. The number of homes to go under contract dropped even more acutely, falling by the largest amount in a decade.
However, the market has been bouncing back in recent weeks. Below, UrbanTurf highlights three charts that illustrate how it is rebounding.
At the beginning of April, there was a wide gap between the number of homes that went under contract this year compared to the same time last year. However, in the last three weeks, pending sales have been on the rise, even surpassing the 2019 total for the week ending May 25th.
In the wake of regional stay-at-home orders, showing activity was significantly lower in April compared to the same month last year. However, in May, showing activity matched 2020 levels in the first half of the month and then shot up in the second half of the month, far surpassing showing activity in May 2019.
In the first weeks following the public health emergency, home sellers who were planning on putting their homes on the market decided to hold off. However, over the last month and a half, that has changed with new listing activity in the region outpacing 2019 levels each week.
Thumbnail photo of a Glover Park home that went under contract recently.
See other articles related to: dc housing market
This article originally published at https://dc.urbanturf.com/articles/blog/the-3-charts-that-show-how-the-dc-housing-market-is-rebounding/16919.
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