1 minute read
Local Markets
Home sales activity is rebounding across the Washington, DC, metro area, with some of the biggest changes in the region’s close-in suburbs. In January, showing activity was up significantly in Alexandria City, VA, and Arlington County, VA, compared to December. An increase in supply, along with lower mortgage rates, may be drawing buyers back into the market.
Regionwide, supply is still just 60% of what it was prior to the pandemic. However, active listings have surpassed early 2020 levels in Alexandria City, VA; Arlington County, VA; and Washington, DC.
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Median prices increased in most local markets, with the exceptions of Washington, DC (-15.4% year-over-year) and Frederick County, MD (-3.5%). The median price also fell in Falls Church City, VA, but there were very few transactions.
New Pendings
Active Listings Months of Supply
More Choices for Buyers?
Supply is still very low in the Washington, DC, area housing market, but in some local markets, buyers are finding more options than they have had in more than three years.
The biggest change has been in the inventory of condominiums. In some local markets, the condo inventory is more than double what is what prior to the pandemic.
On the other hand, the supply of single-family detached homes in the Washington, DC, area remains very low, at less than half of what was on the market three years ago.
