December 2024 Monthly Housing Market Trends Report for Arlington, VA, Washington DC and Montgomery County. This is our monthly update and insights based on year over year numbers on these three markets. What do the numbers mean to you? How can they be translated to your current needs when buying or selling?
Washington D.C. area buyers rush to close on home
purchases at the end of 2024. There was a total of 3,858
home sales in the Washington D.C. metro area in December,
which is a 25.9% surge over December 2023 sales. In 2024,
total home sales in the region tracked 2.0% higher than 2023.
Buyer activity surged at the end of 2024, even though
mortgage rates stayed in the high 6% range. However, rates
are roughly three-quarters of a percentage point lower than
they were a year ago. Buyers have adjusted their
expectations and have started acclimating to the new normal
for interest rates.
Price growth is still strong in the DMV. In December, the
median sold price was $590,000, a 6.1% year-over-year gain.
Prices of single-family detached homes continue to rise
faster than either townhome or condo prices.
Inventory is still quite low. In December, there were just 2,126
new listings, which is 4.1% lower than the prior December
and is the lowest level of monthly new listings in more than
20 years
