The spring housing market has officially arrived, and it starts with mixed signals. Prices are down in the D.C. metro area, but homes are still selling quickly.
While prices in March were up in some markets in the D.C. region, listing service Bright MLS reports that overall median selling prices metro-wide fell for the second time in four months. Bright MLS said that reflects a softening market.
Spring is typically when homeowners intending to sell list their homes, but new listings in the D.C. region were down 35% from a year ago.
Pending sales, or contracts signed to buy a home in March were down 28.2% from March 2022, but homes are selling quickly.
The median days on the market was nine days in March, down from 20 days in February and 30 days in January, and just three days longer to sell on average than last March.
“Real estate agents shared that multiple offers are still common throughout many parts of the Mid-Atlantic,” Bright MLS said in a report.
By one metric, the D.C.-area market still favors sellers. All submarkets have less than two months of supply with the exception of the District, and many markets have less than one month.
“Generally, readings this low indicate an extremely strong sellers’ market,” Bright MLS said.
Below are median selling prices in March throughout the D.C. metro, courtesy Bright MLS:
