August 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?
Slowest August sales since 2008 in the Washington DC metro area. There were 4,351 sales across the DC metro area in August, which was 5.1% lower than last year and the lowest August sales total in 16 years. Yearto-date, sales in the Washington DC region are running two percent below 2023. High home prices are sidelining some buyers. The median price in August was $612,000, up 4.6% year over-year. Buyers who remain in the market are able to take a little more time. The median days on market was 10 in August, up from eight days in July and in August 2023. Inventory has increased for seven months in a row, with the number of active listings up 25.5% at the end of August. New listings were down 1.2% which means inventory growth was driven by slower sales activity.
