What's Hot: Whole Foods at Walter Reed to Open at End of June | Will This Be the DC Area's First $60 Million House?
Was July the Hottest Month For the DC Housing Market in Years?

July is usually one of the slowest months of the year for the housing market. That was not the case in 2020.
Spurred by record low interest rates, last month may have been one of the strongest months for the DC-area market on record. Home sales were extraordinarily robust, despite prices setting records in several local jurisdictions.
The median home price in the area rose 13% compared to last July, setting a record high for the region at $530,000. Median townhome prices in DC proper rose above $800,000 for the first time and prices for every property type in Montgomery County reached the highest level in a decade. Home prices rose by at least 7% in all local cities and counties, with Alexandria leading the way with prices jumping 29%.
story continues below
loading...story continues above

As has been the trend in recent months, rising prices didn't dampen buyer demand. The month of July usually sees a notable drop-off in home sales compared to June. This year, the exact opposite happened: sales rose 17% month-to-month.
In DC, sales increased 20% with attached home closings up 25% year-over-year. Closed sales could be even higher next month: Pending sales in the District set a record in July and had their second best month in ten years.
"The July real estate market in the D.C. area was red-hot, making up for lost time from this spring's slowdown," Chris Finnegan of Bright MLS said. "The seasonal peaks we usually see with the spring market are happening now."
Photo courtesy of HomeVisit.
See other articles related to: dc area market trends, dc home prices, dc housing inventory, dc housing market, dc housing market trends, dc housing prices
This article originally published at https://dc.urbanturf.com/articles/blog/was-july-the-hottest-month-in-2020-for-the-dc-housing-market/17172.
Most Popular... This Week • Last 30 Days • Ever

A look at the larger residential developments in the works from Cardozo to Mount Vern... read »

The Heights, a ten-stall food hall that is taking over the spaces formerly occupied b... read »

A piece of legislation quietly introduced in the House of Representatives earlier thi... read »

Whole Foods announced yesterday that the 47,000 square foot store will open on June 2... read »

Developer EYA and the Washington Metropolitan Area Transit Authority will go before D... read »
- The 9 Developments and 1,250 Units in the Works For Shaw
- Friendship Heights Food Hall Could Open This Month
- Will This Proposed Bill Increase the Number of Homes For Sale?
- Whole Foods at Walter Reed to Open at End of June
- 435-Unit Development Planned For Takoma Metro Station Looks For Historic Approval
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. Visit guides.urbanturf.com or 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