If a home is priced right and in good condition, there are buyers in the D.C. area who will want it, and, while the region’s housing market is slowing, many sellers are still getting what they want and maybe more.
Redfin said in June, 35.7% of homes for sale that went under contract sold for more than list price, though that is down from 47.8% a year earlier. It still indicates many properties listed for sale in the D.C. region are drawing interest from multiple buyers.
Over-list sales were the only encouraging sign from June sales data in the D.C. region.
Redfin reports the total number of homes for sale in June was up 22.7% from a year earlier, the largest year-over-year gain in listings on the market since at least 2012. Pending home sales in June were little changed from the previous month and a year earlier.
The typical home that sold in June had been on the market for 36 days, 10 days longer than a year ago.
“The local market is recalibrating and the pace of sales is slowing, partly due to federal job cuts,” said Marshall Park, Redfin’s senior market manager in D.C. “For sellers, that means they have to be strategic about pricing, staging and marketing — and they need to be realistic about what they’re going to get for their home.”
Redfin said this also means buyers have a window of opportunity, with more inventory and, in many cases, more bargaining leverage.
Northern Virginia — specifically Arlington County and Fairfax County — remain the strongest markets in the D.C. region for sellers, based on selling prices and time on market. The District has seen the largest increase in unsold homes and rising inventory, according to data from listing service Bright MLS.
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