Home | Newsletter | Advertise

The DC-Area Housing Market Was Firing on All Cylinders in June

  • July 14th 2020

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

A home that sold in DC in June. 

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."

Median home prices. Click to enlarge.

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%). 

This article originally published at https://dc.urbanturf.com/articles/blog/the-dc-area-housing-market-was-firing-on-all-cylinders-in-june/17061.

Pipeline: New Condos & Apartments Coming to the DC Area

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

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse