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.
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