What's Hot: Douglas Development Files PUD For Large Warehouse At New City Site Along New York Avenue
The 6% Effect Makes For a Cooler Spring Market in the DC Area
✉️ Want to forward this article? Click here.
![DCDC2084634_3 .jpg](https://assets.urbanturf.com/dc/images/blog/2023/05/DCDC2084634_3%20.jpg)
Spring is usually one of the busiest times of the year in the DC-area housing market, as both buyers and sellers seem to emerge from hibernation. This year, however, things are different.
High mortgage rates and high home prices along with a lack of listings on the market have led to a cooler spring market in the region, according to a report out today from Bright MLS.
Closed sales in the region in April were down nearly 33% compared to a year ago and new pending sales fell 26.4%. Pending sales ticked up just 3% between March and April, a much lower seasonal increase than is normally seen in the spring.
story continues below
loading...story continues above
![active-listings.jpg](https://assets.urbanturf.com/dc/images/blog/2023/05/pipeline/active-listings.jpg)
While the market is slower than last year from a sales perspective, it might not seem slow to buyers as the low inventory of homes for sale still makes for competitive scenarios.
“The housing market has not warmed up like it would have during a more typical spring,” said Bright MLS Chief Economist Dr. Lisa Sturtevant. “Still, despite the macro signals that the housing market is slow, buyers in the market who want or need to move might disagree. Homes are still selling very quickly, and there is a lot of competition for relatively few homes for sale.”
See other articles related to: dc housing market, dc housing market trends, DC real estate
This article originally published at https://dc.urbanturf.com/articles/blog/the_6_effect_makes_for_a_cooler_spring_market_in_the_dc_area/21003.
Most Popular... This Week • Last 30 Days • Ever
![First-Timer Primer: Tax Relief for DC Homeowners](https://assets.urbanturf.com/dc/images/blog/2013/02/Homestead_Exemption_280.jpg)
When you buy a home in the District, you will have to pay property taxes along with y... read »
![A 127-Unit Luxury Condo Building In The Works For Downtown DC](https://assets.urbanturf.com/dc/images/blog/2024/07/resized/950%203rd%20Street%20Dusk%20EXT_image_560x420.jpg)
The largest condominium building in downtown DC in recent memory is currently under c... read »
![HPO Recommends Approval For 160-Unit Office-To-Residential Conversion in Dupont Circle](https://assets.urbanturf.com/dc/images/blog/2024/06/resized/1201-Conn_image_560x420.jpg)
The plan to convert a Dupont Circle office building into a residential development ap... read »
![Beautifully Constructed Condominium in The Bridge District is Now 50% Sold](https://assets.urbanturf.com/dc/images/blog/2024/07/Riviere%20article/resized/2305%20Nicholson%20St%20SE%20405-0003_image_560x420.jpg)
The Rivière includes just 20 homes located on the eastern banks of the Anacostia Riv... read »
![Monday's Must Reads](https://assets.urbanturf.com/dc/images/blog/2024/07/resized/bubble_image_560x420.jpg)
Why Tyra Banks is serving ice cream in DC; a bike shop/record store opens in Adams Mo... 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!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro