What's up with the DC real estate market? Not much, according to the monthly data just released for June.
Here are the bullet points:
- Weekly showings continue their seasonal decline
- New contracts dropped significantly following the previous week's bump
- Median days on market remained flat
- Median list is down nearly $100k, reflecting a shift in the market to lower-priced homes
- Price drops returned to the normal range after a spike last week, and the number of cancelled listings dropped slightly.
Flummoxed about the ups and downs in the market? You're not alone. Let's get into it:
Am I The Only One Confused By The Market Right Now?
If you’re asking that question, be reassured that the answer is "No!" Anyone keeping an eye on the market has probably noticed that, despite seasonal trends, this year doesn’t feel like any other. Some sellers are sweating, others are celebrating, and nobody seems quite sure where things are headed.
Here's the latest data:
Washington DC
Looking at the volume totals. the word "dismal" comes to mind. But then check out the Average Sold Price for detached single family homes. It's up about $570k from the same time last year for smaller properties, and nearly $100k for larger homes. Townhomes with 4+ bedrooms also saw sizable gains.
Condos and co-ops, meanwhile, lost ground to the tune of -$100k compared to the same time last year.
The DCMA Condo Market Had A Little Moment
It's no secret that condos haven't been moving inside or outside the beltway. Detached single family homes--particularly those with 4+ bedrooms--have been dominating market activity for some time. Condos and co-ops have been moving at a glacial pace. In some cases, sellers are letting go of their units for less than they paid in the first place—a tough pill to swallow for anyone who bought during the pandemic’s condo boom. Listing a condo has signaled doom--until June--when condos and co-ops in the $300,000 - $399,000 range racked up 331 sales for the month. That's the fourth-highest sales total by home type, after detached SFH 4+ bedrooms with 830 sales, and the same category in the $699,000 - $799,000 range with 692 sales, and the $800,000 - $999,999 range.
Greater DC Area
The Greater DC Area includes: County (VA), Calvert County (MD), Charles County (MD), Clarke County (VA), Culpeper County (VA), Fairfax City (VA), Fairfax County (VA), Falls Church City (VA), Fauquier County (VA), Frederick County (MD), Fredericksburg City (VA), Jefferson County (VA), Loudoun County (VA), Manassas City (VA), Manassas Park City (VA), Montgomery County (MD), Prince George's County (MD), Prince William County (VA), Rappahannock County (VA), Spotsylvania County (VA), Stafford County (VA), Warren County (VA) and Washington, DC
Burying The Lede
Let's go back to that first table for a minute:
In the District, condos and co-ops--wait for it--topped the sold monthly volume totals with 62 sales, beating out those large luxury homes by far. In fact, the second highest total was, again, entry-level condos in the $200,00 - $299,000 price range. The numbers may not have been huge, but as any DC condo seller will tell you, the individual sales were a triumph. Congrats to every single one of those sellers! 🥳
Single-Family Homes: Still Hot in the Right Spots
Single-family home demand is holding strong, especially in certain price ranges and neighborhoods. If you’re shopping for a house in the DCMA, don’t expect to find a bargain on that classic rowhome or detached colonial just yet. Well-located, well-priced homes are still drawing a lot of attention—and, in some cases, bidding wars.
Northern Virginia Is Rocking The Sales Map
Northern Virginia is also having a moment. Arlington, Falls Church City, Alexandria City, and Fairfax are all seeing brisk demand and rising prices for single-family homes. If you’re selling in these areas, you’re in luck--buyers are still showing up, checkbooks in hand.
Listings In The Outer Suburbs Are on the Rise
Meanwhile, the farther-out suburbs (remember the ones that surged in popularity when remote work became the norm?) are seeing more listings hit the market because 'return to office' calls by employers are driving long, congested commutes. This uptick in inventory could mean more choices for buyers, but it also signals a shift in what’s driving local demand.
A Market in Flux
All told, this is a real estate market that’s anything but typical for this time of year. The DCMA is in a state of flux, with opportunities and challenges for both buyers and sellers. Economic changes are still rippling through the region, and most experts agree it’s too soon to predict exactly how things will shake out in the long run.
One thing’s for sure: whether you’re buying, selling, or just watching from the sidelines, it pays to stay informed. In a market this unpredictable, yesterday’s assumptions are today’s surprises.
With that in mind, jump over to my Market Update page for weekly data and summaries. Because last month is so yesterday.
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