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.
In the Washington D.C. Metro area median sale prices are at or near records, sales activity falls meaningfully, inventories increase for the first time in years.
- The Washington D.C. Metro median sales price rose 3.2% or $13,350 to $426,475 compared to last year. Prices are easily at the highest October level of the decade.
- Sales volume across the DC Metro area was more than $2.1 billion, down 3.9% from last year.
- There were 4,056 closed sales in October, down a significant 6.1% compared to last year, but slightly better than the 10% year-over-year decline seen last month.
- New pending sales were down by 4.7% to 4,734, which is the lowest October level since 2014.
- New listings of 6,211 rose 7.6% compared to last year, the highest October level of the decade.
- Slowing sales combined with more listings meant that year-over-year inventory levels rose for the first time since May of 2016. The 10,380 active listings at the end of October were 2.7% more than October of 2017.
- The average percent of original list price received at sale in October was 97.8%, down just slightly from last year’s 98.0%.
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.