The DC-Area Housing Market Was Firing on All Cylinders in June
✉️ Want to forward this article? Click here.
In March, when the effects of the pandemic were starting to be realized and the public health emergency went into effect, the outlook for the DC-area housing market was uncertain. Four months later, the market is looking quite strong.
From record pending sales to record home prices, metrics show a market firing on all cylinders in June.
"The D.C. Metro real estate market continued its resurgence this month," the latest report out Tuesday from Bright MLS stated. "With the area unemployment rate under the national average and interest rates at record lows, new pending home sales had their best June in a decade. Limited inventory and strong buyer demand kept median prices high, as the region saw a new ten-year best for single-family and townhome median sale prices."
story continues below
loading...story continues above
Home prices in the DC area reached their second highest level on record in June, with a median of $505,000. Fairfax, Alexandria and Prince George's counties all reported the highest median home price in a decade. For the year, home prices are up in almost every local jurisdiction compared to 2019.
As has been the case of late, high home prices did not deter buyers. June was the best month in a decade for pending home sales in the region, and the second best month on record for DC proper. The gains for pending sales were the first in three months, an indication that buyer demand is back, if not exceeding, where it was pre-COVID.
While the DC region is still supply starved -- with just a 1.32-month supply of homes on the market -- there are signs that sellers are getting off the sidelines. The number of new listings in the region dipped again in June by 4.6%, year-over-year, but it was a significant improvement from the losses in April (-37.4%) and May (-33.2%).
See other articles related to: dc area home prices, dc area housing market, dc housing inventory, dc housing market, dc housing market trends, dc housing prices
This article originally published at https://dc.urbanturf.com/articles/blog/the-dc-area-housing-market-was-firing-on-all-cylinders-in-june/17061.
Most Popular... This Week • Last 30 Days • Ever
Today, we take a closer look at home insurance.... read »
Monument Realty and Mosaic Realty Partners redevelopment plans for a surface parking ... read »
A new report shows that apartment rents rose ever so slightly in DC over the last yea... read »
Plans to convert a downtown DC office building into a large apartment project continu... read »
Kite House at The Parks at Walter Reed sold seven residences in September alone. The ... read »
- A Look at What is Covered By Home Insurance
- 235-Unit Development With Public Park Pitched For Downtown Bethesda Looks To Move Forward
- A Snapshot Of Apartment Rents Across The DC Area
- 400-Unit Office-To-Residential Conversion Pitched in DC's West End Heads To BZA
- A No Down Payment Assistance Program at Kite House, DC’s Best Selling Condominium
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