DC metro housing market continues to moderate

Sales, contracts to buy and new listings of homes in the D.C. metro area were all lower in August than July, and the market has entered a moderate level of demand, according to listing service Bright MLS.

The median selling price metro wide in August was $536,800, 6.3% higher than a year earlier, but a 2.4% pullback from the median selling price in July.

Closed sales last month were down 4.2% from July and pending sales were down 2.1%. The number of new listings coming to market in August also fell 7.7%, and homes on the market were 2.6% lower than August of 2020.

Bright MLS, which calculates a Home Demand Index, based on forward looking data such as home showings and online listing views, said the D.C. metro market was in the “moderate” category in August, the second month in a row demand was outside of “high,” where it had been in spring and summer.

Total showings by real estate agents in August were down more than 17% from August 2020.

Demand for lower-priced single-family homes showed the weakest reading, while demand for higher-priced condos decreased significantly, Bright MLS said.

Condo and co-op sales in the D.C. region were down 13% compared to July.

Virginia’s Arlington County, the region’s most expensive county for home prices, still led the region, with a median price of $630,000 in August, though that was 8.4% lower than the median selling price in Arlington a year ago.

Below is a list of median selling prices throughout the region in August, according to Bright MLS data:

(Courtesy Bright MLS)

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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