Housing Market Trends
More inventory has led to more transactions in the Washington D.C. metro. For three consecutive months active listings have trended higher than last year. At the end of April, there were 6,569 active listings, which is 21.8% higher than April 2023. Buyers continue to purchase, and closed sales surpassed what they were last April (+7.4%). Pending sales also improved, up 4.0%. This is the first year-over-year increase in new pending sales since February 2022. There is still a disconnect with showings. Year-to-date closed sales and pending sales have lagged slightly compared to 2023, down 1.4% and 2.0%, respectively, yet showing activity is 12.7% below last year. Potential buyers may be waiting for rates to fall or stepping away as affordability challenges only grow. The median price in the metro was $640,000 in April 2024, hitting a new record. Median sales prices for detached homes and townhomes were both at record highs, while condo prices were slightly below the February 2024 high.
Market Outlook
New listings have added more supply to the D.C. metro, with new listings outpacing new pending sales. Nonetheless, home prices and the pace of sales have been unyielding for home shoppers. Affordability challenges could keep more buyers on the sidelines this summer, as showing activity indicates a weakening demand pool in the region.
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