January 2019 Home Sales and Median Prices
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.
The D.C. Metro and Baltimore Metro housing markets both saw record January prices. Sales continue to slow. Inventories are rising but remain at historically low levels.
- The Washington D.C. Metro area had a January median home price of $420,000, up 5.0% or $20,100 from last January, the 28th consecutive month of year-over-year price increases and the third month in a row that price appreciation has exceeded 5.0%.
- Sales volume across the DC Metro area was over $1.4 billion, down 3.2% from last year.
- Closed sales of 2,745 declined by 7.7%, the sixth month in a row of Y-o-Y declines.
- New pending sales were also down, by 3.3% to 3,826.
- New listings compared to last year were up 4.9% to 4,438.
- Active listings compared to last January were up 2.7% to 6,323. While last month saw a slight drop in inventory levels, this month is consistent with the 2%+ increases seen in October and November of 2018.
- The average percent of original list price received at sale in January was 97.2%, the same as last month but up from last January’s 96.9%. This was the highest January level of the decade.
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.