One week’s worth of data does not make a trend, but two weeks of similar data may be starting to point to one, and the trend appears to be more D.C.-area homeowners deciding now is the time to sell.
While no direct data points to the increase coming from federal government workers who’ve lost jobs or may be relocating, it is likely behind some of the jump in new listings.
Listing service Bright MLS only recently began reporting D.C.-area home market activity on a weekly basis, in response to concerns about federal government changes and the impact. The listing service said the number of new listings in the D.C. region last week rose 13.2% from the previous week, following a 20% week-over-week increase the previous week.
New listings compared to a year ago were up 11.4%.
New listings last week surged in markets close to D.C., including a 45.7% jump in Alexandria and a 30% jump in Arlington. Fairfax County’s new listings were up 22.9%, and Prince William County’s rose 33.3%.
Bright MLS refers to a 2023 Census Bureau survey showing 14% of the D.C.-area workforce are federal government civilian employees. The share of federal workers in Arlington and Alexandria is closer to 20%.
While the share of homes on the market with price cuts is elevated, overall new listing prices remain strong. The median list price last week of $630,000 is 6.8% higher than a year ago. More than one out of 10 active listings, or those already on the market last week, had a price reduction in Arlington County.
The share of active listings with a price drop was up 3.7% from the previous week.
Bright MLS’s weekly housing market report is updated weekly online.
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