DC Metro Area Still Has Strong Seller Market

DC Metro Area Still Has Strong Seller Market

August inventories decline by smallest rate in a year, but strong seller's market remains in DC area

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Rockville, MD – (September 11, 2018) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on August 2018 Bright MLS housing data.

Click here to view PDF version of this report

OVERVIEW

  • The Washington D.C. Metro median sales price of $442,250, was up $12,250 or 2.8% from last year and at the highest August level of the decade. 

  • Sales volume across the DC Metro area was nearly $2.8 billion, up 4.1% from last year.

  • There were 5,064 closed sales in August, down a slight 0.2% compared to last year.

  • There were 4,747 new pending sales at the end of August, down 4.4% from last year.

  • Compared to last August, new listings were up 3.0% to 6,071 compared to last year.  This was the highest level of new August listings of the last decade.

  • There were 9,681 active listings at the end of August, down 1.8% compared to last year. This is the 28thconsecutive month of declines in year-over-year inventory levels, but it was the smallest year-over-year decline since last September.

  • The average percent of original list price received at sale in August was 98.0%, up from last year’s 97.8%.

  • The median days-on-market this month was 15 days, down three days from last year.

 

  • August’s median sales price of $442,250 rose 2.8% or $12,250 compared to last year but was down 2.8% or $12,750 compared to last month.  This was the 23rd consecutive month of year-over-year price increases in the D.C. Metro area.

  • Compared to last year, prices for single-family detached homes rose by 4.0% to $561,300, while townhome prices rose 2.8% to $425,750 and condo prices rose 1.7% to $300,000.

  • August prices are above the 5-year average of $423,800 and the 10-year average of $397,200.

  • This August’s sales price of $442,250 is 29.3% higher than the August 2009 low of $342,000. 

  • Falls Church City continues to have the highest home prices in the region, with a median sales price of $869,500, up 7.6% from last year.

  • Prince George’s County remains the most affordable area, with a median sales price of $294,950, a 7.3% increase over last year. 

  • For the year-to-date, prices are up 3.5% across the DC metro area to $445,000.


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Dated: September 17th 2018
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