The pricey D.C. housing market is showing signs of cooling, with a drop in median selling prices in May.
The Greater Capital Area Association of Realtors said the median price of a home that sold in the District last month was $650,000, 7% lower than in April, and down 5.3% from a year earlier.
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It took a listing in D.C. and average of 23 days to sell. There were 1,421 new listings that came on the market in the District in May, a 2.8% decrease from new listings in May 2021.
GCAAR member agents also cover Montgomery County, where the market remains strong. The median price of what sold in Montgomery County in May was $620,000, up 5.6% from April and 12.7% from a year earlier. Homes in the county sold in an average of 12 days.
There were 1,575 new listings that came on the market in Montgomery County in May, a 15.1% decrease from May 2021.
“While the data shows Montgomery County is still extremely competitive, especially in the higher price points, simultaneously, it appears the housing market in D.C. is starting to soften just a bit,” said CGAAR president Harrison Beacher.
“We are seeing a little bit more opportunity in D.C., specifically in the condominium sector, in terms of days on market (and) prices are also kind of stabilizing out. The single family market is still strong, but we are seeing a bit of fresh air for homebuyers who have been getting their butts kicked over the past couple of years,” he said.