Whatever high mortgage rates and low inventory are doing to home sales in the D.C. region, selling prices continue to rise.
Listing service Bright MLS reports the median price of what sold in the D.C. metro area in January was up 7% from a year ago. The median price throughout the region was $535,000, with selling prices much higher in many areas.
Prices have been steadily rising since last summer, and the median price is now 29% higher than it was in January 2019.
Potential buyers are out looking, but not necessarily finding.
Showing activity of homes by real estate agents in the D.C. area in January was down 17.1% from a year ago, but that reflects a lack of homes for sale rather than loss of buyer interest. Redfin said showings nationwide have risen 16% since the first of the year.
Pending sales in the D.C. region were down 10.3% from this time last year.
Homes that sold in January had been on the market an average of 20 days before selling, 10 days faster than January 2023. Homes in Loudoun County sold at the fastest pace last month, an average of just 11 days.
An indication of how fast homes are selling as soon as they come on the market, of the 4,930 active listings at the end of January, 3,886 of them were new on the market. New listings were down 11.4% from last January.
Below is the market breakdown of area home sales in January, courtesy of Bright MLS: