The following analysis of the Washington, D.C. Metro Area housing markets has been prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on January 2019 Bright MLS housing data.
Typical for this time of year, there are signs of a cooling housing market in Washington D.C. Metro area as sales decline and inventories rise; yet prices at record November highs.
- The Washington D.C. Metro area had a November median home price of $449,900, up 5.9% or $24,900 from last November. This was, by far, the highest November level of the decade. Prices were also up 5.5% or $23,425 from last month.
- Sales volume across the DC Metro area was nearly $2 billion, down 9.1% from last year.
- November closed sales of 3,602 were down a significant 11.8% compared to last year, the fourth consecutive month of declining year-over-year sales.
- New pending sales were also down, but by only a slight 0.8% to 4,215.
- New listings compared to last year were nearly flat at 4,319.
- Active listings compared to last year rose for the second month in a row, up 2.1% to 8,812.
- The average percent of original list price received at sale in November was 97.4%, the same as last year.
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About the DC Metro Housing Market Update
The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in ShowingTime’s proprietary database. The DC Metro Area housing market includes: Washington, D.C., Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia. Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.
About Bright MLS
The Bright MLS real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C. and West Virginia. As a leading Multiple Listing Service (MLS), Bright serves approximately 85,000 real estate professionals who in turn serve over 20 million consumers. For more information, please visit www.brightmls.com.
About Elliot Eisenberg
Elliot Eisenberg, Ph.D. is the Chief Economist of GraphsandLaughs, LLC, a firm specializing in economic consulting and data analysis. He is a frequent speaker on topics including: economic forecasts, economic impact of industries such as homebuilding and tourism, consequences of government regulation, economic development and other current economic issues. Dr. Eisenberg earned a B.A. in economics with first class honors from McGill University in Montreal, as well as a Masters and Ph.D. in public administration from Syracuse University. Eisenberg was formerly a Senior Economist with the National Association of Home Builders in Washington, D.C. He is a regularly featured guest on cable news programs, talk and public radio, writes a syndicated column and authors a daily 70 word commentary on the economy that is available at www.econ70.com.