August 2023 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?
Home prices slid over the summer but remain high Competition remains strong in the Washington, D.C. area housing market In August, the median home price in the Washington, D.C. metro area was $585,000 which is down from the peak of $600,000 in June. However, prices are still rising year-over-year, with the August median home price up 5.4% compared to last year at this time. Compared to a year ago, prices are rising fastest for townhomes and condominiums, which tend to be more affordable than single-family detached homes in the Washington area. But more buyers are being priced out of the market. New pending sales are significantly lower than they would be in a more typical housing market, and showings are also down. Even with fewer buyers in the market, low inventory continues to be a constraint. Active listings at the end of August were down 18.1% compared to a year ago. Available inventory is just half of what it was prior to the pandemic, with the supply of detached homes most constrained at only a third of pre-pandemic levels.
