Median home selling prices slip a bit in parts of DC metro area

Parts of the local housing market may have hit the summer doldrums in July. Prices of what sold in Montgomery County, Maryland, and the District were a bit lower than a year ago, according to the Greater Capital Area Association of Realtors.

Potential buyers also signed fewer contracts to buy a home.

In July, the median price for what sold in D.C. and Montgomery County was $575,250, a 4.1% decrease compared to June, but still 4.6% more than the median selling price in July 2020.

In the District, the median price was $652,500, down 6.8% from June and up just 1% from last July. The median price in Montgomery County was $540,000, down 2.7% from June, though up 8% from a year earlier.

There was also a 16.1% month-over-month decrease in newly signed purchase contracts in July.

“While the housing market continues to be hot, in mid-June, we started to see a bit of a slowdown, which could have been caused by accessibility of the COVID vaccine and the fact that people were starting to travel again, so a lot of the buyer pool disappeared,” said GCAAR president Jan Brito.

“Buyers may be taking a break now, but I do think we’ll see an uptick in the fourth quarter.”

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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