September often leaves signs for how the housing market will behave toward the end of the year. For 2021, those numbers make it seem like Greater Washington’s red hot market could be returning to something closer to normal — but the truth is more complex.
For example: The median sale price in Greater Washington dropped 4.1% from August to September, down to $515,000, while the number of closed sales dropped by 10% to 6,352, according to data from BrightMLS. New pending sales are down too, to 3.7%, even as the number of new listings shot up 15.1% to 9,193 compared to August.
These numbers read like a more normal cycle than 2020, as the market typically cools off quickly once school starts. But some experts aren’t convinced that’s going to pan out in 2021.
While September sales prices are down from August, they’re still 2.4% higher than September 2020, and that increase came even though showings were down 13.1% in the month compared to the same month last year, BrightMLS data show.…
Read the full story from the Washington Business Journal.
