Thinking about selling? Average time on market in DC is 15 days

D.C.-area house hunters took a break in their searches heading into the Memorial Day holiday weekend, but what did sell continued to move briskly.

Listing service Bright MLS says the median time on the market for those homes that went under contract last week was 15 days. That’s nine days longer than what the median sale took a year ago, but still considered a brisk pace.

Bright MLS now reports on weekly housing market trends in the D.C. metro, in addition to monthly data. Last week was a slow week.

In-person showings of houses and condos on the market by real estate agents dropped almost 24% last week, and showings were down 10.3% from a year earlier.

The median price of what went under contract in the D.C. metro last week was $590,000. That’s up 1.7% from the same week a year ago. However, the number of contracts signed was down 20.7%, and the number of new listings was down 33.1%.

“The three-day weekend may not be as appealing for sellers to list their homes. Similarly, buyers may delay touring homes due to the holiday. Showings were down…yet new contracts were up compared to the previous week, which at first glance seems to be providing conflicting signals but it is likely we will see a drop in new contract activity in next week’s data,” Bright MLS said in its weekly report.

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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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