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
![](https://assets.urbanturf.com/dc/images/blog/2021/09/pending-sales.jpg)
"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
![Buying with Friends: What You Should Know](https://assets.urbanturf.com/dc/images/blog/2010/05/home_value.jpg)
Here are some precautions to take before buying real estate with a buddy.... read »
![$10 Million McLean Home Of Former Nationals Star Stephen Strasburg Finds a Buyer](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/VAFX2180246_45_0_image_560x420.jpg)
The six-bedroom home listed for just south of $10 million back in June went under con... read »
![16-Story, 325-Unit Building Pitched For Arlington's Wilson Boulevard](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/2500-wilson-1_image_560x420.jpg)
The new project will take the place of an obsolete office building in Courthouse.... read »
![Mayor Bowser Announces First Office-To-Residential Projects To Receive Tax Abatements](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/1625-mass-1_image_560x420.jpg)
The three office-to-residential conversion projects have been conditionally awarded t... read »
![500 Apartments, Live/Work Units And A Park: The New Plans Coming To St. Elizabeths](https://assets.urbanturf.com/dc/images/blog/2024/09/resized/parcel-6-park_image_560x420.jpg)
The plans for one of the final parcels at DC's St. Elizabeth's East campus are beginn... read »
- Buying with Friends: What You Should Know
- $10 Million McLean Home Of Former Nationals Star Stephen Strasburg Finds a Buyer
- 16-Story, 325-Unit Building Pitched For Arlington's Wilson Boulevard
- Mayor Bowser Announces First Office-To-Residential Projects To Receive Tax Abatements
- 500 Apartments, Live/Work Units And A Park: The New Plans Coming To St. Elizabeths
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