A significant increase in the number of D.C.-area homeowners putting their homes up for sale in March was equally matched by a big jump in the number of potential buyers in the D.C. area that signed a contract to buy.
Listing service Bright MLS reports the number of brand new listings coming onto the market in the D.C. metro last month was 44.5% higher than new listings in February — and almost 19.2% higher than new listings seen last March.
For every seller, there continue to be buyers, or at least potential buyers, interested. There were 4,952 pending sales in the D.C. region in March, according to Bright MLS, meaning the number of contracts signed to buy a home rose 42.1% from February.
The strong buyer interest is also seen in real estate agent showings to prospective buyers, which rose by nearly 40% last month.
Prices remain strong despite the growing number of listings. In March, the median price of what sold throughout the D.C. metro was $625,000, 4.2% more than a year ago, though that was the smallest annual gain since October 2023.
“With more buyers and slightly lower (mortgage) rates, buyers are entering the market this spring with more leverage than they have had in years. Whether the housing market continues to be resilient over the next few months depends largely on the direction of the economy,” Bright MLS said in a statement accompanying its March report.
Potential buyers who find what fits aren’t waiting to buy. It took the typical home 12 days to go under contract last month, seven days quicker than February. Despite rising inventory, Bright MLS said there is still less than two months of supply, with four to six months of supply typically considered a balanced housing market.
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