The month of May provided the clearest indication yet that the area housing market is moving toward a much more balanced place. High prices and high interest rates dampened home sale numbers in the region, and perhaps gave sellers a bit of a reality check as far as the level of competition they should expect in the coming months.
Below, UrbanTurf plucked out some of the more telling statistics from the market last month.
- $1,316,000 -- The median price for a detached home in DC proper in May, down slightly from the record set in April.
- $620,000 -- The median home price in Montgomery County, up 13% compared to May 2021.
- 0.95 -- The months of supply of active listings in the DC region, the lowest on record for May.
- 146,000 -- The total number of home showings in the region last month, down 30% year-over-year.
- 6,807 -- The number of homes sold in the region, down 11% from May 2021.
- 6 -- The median number of days that homes spent on the market last month.
Photo courtesy of BTW Images.
This article originally published at https://dc.urbanturf.com/articles/blog/the-may-housing-market-in-the-dc-region-by-the-numbers/19783.
Most Popular... This Week • Last 30 Days • Ever
The change would allow for an 80-acre portion of DC's 272-acre Armed Forces Retiremen... read »
The Capitol Hill home has been listed for sale that has a number of serious security ... read »
The new residential project adds to a growing pipeline of development on the boards i... read »
Today, UrbanTurf looks at what we think will be the metrics that will determine the d... read »
Located in the heart of Shaw, Intersect at O includes five elevator townhomes. The fi... read »
With interest rates reaching their highest levels in 22 years, it is critically impor... read »
Long-term interest rates are at their highest level in decades, but a new forecast pr... read »
The Church of the Epiphany has filed plans with the city to demolish the rear portion... read »
Just before the holiday, UrbanTurf is taking its semi-annual look at the neighborhood... read »
Plans have been filed with DC's Historic Preservation Office to convert the building ... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro