The Shutdown Effect: DC-Area Home Sales Fall Off in January
The five weeks that the federal government was shutdown were quite taxing to the local economy, and the January numbers for the regional housing market aren't much better.
While closed home sales dropped year-over-year in the region for the sixth month in a row, the drop was not as pronounced as expected given that a large portion of the workforce wasn't working last month. Closed sales fell by 7.7 percent in the region and 6.2 percent in DC proper. However, the number of homes that went under contract last month reveals a home-buying public that pressed pause. Pending sales fell by 10 percent in DC proper, 15 percent in Alexandria and almost 24 percent in Arlington County.
story continues below
loading...story continues above
As has been the case in recent months, the drop in sales also may be related to home prices which remained quite high in January. According to data provided by MarketStats by ShowingTime based on listing activity from Bright MLS, January was the 28th consecutive month where the median home price in the region increased year-over-year, rising by 5 percent to $420,000. Prices in DC proper saw a heftier increase, rising by 6.5 percent year-over-year to hit $537,500.
Regionwide, there were 4.9 percent more new listings on the market compared to January 2018, contributing to a 2.7 percent increase in active inventory over the same period. For DC proper, there were 7.8 percent more new listings and an impressive 23.7 percent increase in overall active inventory.
February's housing data may be more indicative of the shutdown's impacts — particularly because the government may be poised to shutdown again on Friday.
See other articles related to: bright mls, dc area home prices, dc area market trends, dc home prices, dc home sales, dc housing inventory, dc housing market
This article originally published at https://dc.urbanturf.com/articles/blog/the-shutdown-effect-dc-area-home-sales-fall-off-in-january/14997.
Most Popular... This Week • Last 30 Days • Ever
Back in 2022, the DC Zoning Commission gave the green light to a large mixed-use deve... read »
Opening for sales this spring, The Brownstones at Westbard Square will feature 101 ne... read »
Donohoe presented plans on Thursday evening for a new multi-family residential projec... read »
Even with two large apartment buildings delivering in Northern Virginia's National L... read »
The main story for the DC region's housing market in February was the supply of homes... read »
- Raze Application Looks To Pave Way For 700-Unit Development in Brookland
- Coming Soon: New EYA Brownstones at Westbard Square in Bethesda
- Early Plans Unveiled For 130-Unit Development in Friendship Heights
- 3 Down, 7 To Go: A Look At The Thousands of Units Coming to National Landing
- The Return of Supply And Four Other Interesting Stats From The February Housing Market
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