What an August Report Might Signal About the Fall Housing Market in the DC Area
✉️ Want to forward this article? Click here.
Home sales dropped, prices moderated and buyers were given more room to negotiate. Those were the main takeaways of the August housing market in the DC region and could be a sign of what's to come in the months ahead.
Home sales in the area fell 25% year-over-year last month, according to the latest monthly report from Bright MLS, as prices rose slowly and the number of new listings in the region fell 26% compared to last year, the sixth consecutive month of declines for new listings.
story continues below
loading...story continues above
As home sales fall, buyers are getting more time to make a decision. The median days on market was 12 in August, which is a 4-day increase from a year ago, and the largest year-over-year increase in this metric since December 2021.
"As we head into the fall market, buyers should expect to find more options and will potentially have more leverage on price, as sellers are readjusting their expectations," Bright MLS economist Lisa Sturtevant said. "Buyers will also find they have more time to make decisions, and will be in the position of asking for home inspections and appraisals, concessions that were virtually unheard of last year, and are signs of balance inching back into the overall market.”
Similar Posts:
See other articles related to: dc area housing market, dc area market trends, dc housing market, dc housing market trends, dc housing prices, dc housing supply
This article originally published at https://dc.urbanturf.com/articles/blog/what-an-august-report-might-signal-about-the-fall-housing-market-in-the-dc-/20062.
Most Popular... This Week • Last 30 Days • Ever
Post Brothers purchased the building at 2100 M Street last year.... read »
The new residential project would take the place of largely vacant office buildings a... read »
This 5,000 square-foot listing is about as close as the city comes to a property that... read »
Back in July, we wondered if the housing market in the DC region was moving in favor ... read »
Mount Pleasant restaurant gets national acclaim; signs of good things in the DC-area ... 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