Was July the Hottest Month For the DC Housing Market in Years?
✉️ Want to forward this article? Click here.

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
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

As home prices hit a record in the region last month, one property type took the lead... read »

As a homeowner, it's important to understand the types of insurance you need to prote... read »

The Hoffman & Associates project is having difficultly securing financing.... read »

Today, UrbanTurf takes a look at the residential pipeline southeast of Florida Avenue... read »

While the number of homes on the market is much higher than last year, that probably ... read »
- The Price Of A House In The DC Region Has Never Been Higher
- What Types of Insurance Do You Need When You Own a Home?
- 445-Unit Mixed-Use Development Adjacent to Audi Field Will Be Delayed
- The Nearly 2,500 Units That Could Still Be In The Works For NoMa
- DC-Area Home Prices Set Record In April As Supply Soars
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