Wondering where the Washington, DC area housing market is headed? Find the latest updates for the region below, along with more specific reports for select markets. Don’t see the area you care about? Ask me!
I’ve also included a few articles I read recently and haven’t stopped thinking about. Hit reply and tell me what you make of them.
Data is only useful once someone tells you what it means for you. If you’re weighing a move, or just curious what these numbers say about your home’s value, let’s talk.
Warmly,
Hannah
The median sold price in the DC metro area rose 1.6% year-over-year to $610,000 in September, partly driven by fewer condos and townhomes closing, tilting the mix toward pricier single-family homes. Closed sales totaled 3,565 (down 8.4% year-over-year, the lowest September total in nearly 20 years). New pending sales and showings were each down about 17% from last year, as mortgage rates climbed back above 7%.
Inventory is the other part of the story: active listings are up 20.1% year-over-year to 13,203, with Fairfax and Loudoun counties each up more than 34%. For buyers, that means more homes to choose from and more room to negotiate. For sellers, it means pricing and presentation matter more than they did this spring, and well-prepared homes are still finding buyers. Whichever side of the table you’re on, this is a market where a good plan makes the difference.
For more details on local markets in the DC metro area, see the market reports below.
If you’ve been reading my newsletter for a while you’ve seen me discuss the big Compass-Zillow lawsuits shaping the housing industry. The latest update was that Zillow was dealt a big blow in mid-September in its attempts to prohibit homes from being marketed outside of their platform. Bottom line for you: expect more homes to be “pre-marketed” outside of Zillow and the MLS in the future, making it more complicated to buy or sell a home.
Normally I’m a bit skeptical of Hollywood bigshots throwing their cachet behind solutions to intractable social problems, but I was pleasantly surprised with Christian Bale’s thoughtful work creating a foster village in California. Not only did he take time to partner with experts steeped in the issue, I appreciate the considered design and community orientated-approach to the homes themselves.
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