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

Today, UrbanTurf takes a look at the latest with the residential (and some of the com... read »

Canal House, a Tribute Portfolio hotel, will open near the C&O Canal later this month... read »

As we head into the weekend, UrbanTurf decided to take a closer look at how much home... read »

The new project will be located at a site that the developer purchased several years ... read »

The Council unanimously passed the Robert F. Kennedy Memorial Stadium Campus Emergenc... read »
- Jose Andres, Heating Plants And The 10 Developments Coming To Georgetown
- Marriott Set To Open 105-Room Boutique Hotel in Georgetown This Month
- The 10-Year Trajectory Of DC-Area Home Prices In 4 Charts
- Jair Lynch Pitches 8-Story, 203-Unit Development For Arlington's Barcroft Neighborhood
- DC Council Passes Bill Giving City Jurisdiction Over RFK Stadium Site
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