Was August a Turning Point For the DC-Area Housing Market?
✉️ Want to forward this article? Click here.
The regional housing market in August showed signs that things might be returning to the more balanced market that existed before the pandemic.
The latest report out from Bright MLS finds that pending home sales dropped across the board last month, a sign that in August, a month when homebuyers usually take a break from their search, buyers did just that. However, while sales and showings were down compared to a year ago, they were up noticeably compared to August 2019.
story continues below
loading...story continues above
"Recall that 12 months ago we were just coming out of lockdown, and households were beyond desperate to improve their housing situation," Dr. Elliot Eisenberg, Bright MLS Economist Advisor, told UrbanTurf. "As a result, it is not surprising to see pending sales slightly weaken. Inventories, while up, remain profoundly low and some semblance of seasonality seems to have returned as children are now more likely to be attending school in-person rather than remotely and so on."
One metric that is still on the rise in most area jurisdictions are home prices. The median home price in the DC area in August was $536,000, up 6.3% compared to a year ago and up 18% from August 2019. Prices rose in every local jurisdiction except for Arlington and Alexandria, with Falls Church and Frederick and Montgomery counties leading the way.
See other articles related to: dc area home prices, dc area housing market, dc area housing supply, dc area market trends, dc home prices, dc housing prices
This article originally published at https://dc.urbanturf.com/articles/blog/was-august-a-turning-point-for-the-dc-area-housing-market/18695.
Most Popular... This Week • Last 30 Days • Ever
In this edition of First-Timer Primer, we look at the ins and outs of the 203k loan.... read »
The largest residential conversion planned in the neighborhood is continuing to move ... read »
Plans for the large new residential project are looking to get started again after mo... read »
The residential pipeline in Adams Morgan has slowed in recent years, and now there ar... read »
The Wall Street Journal is reporting that Jeff Skoll has purchased two homes on nine ... 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