February 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?
Inventory increased for the first time since March 2023, but detached single-family inventory is still on the decline. In February, the number of active listings across the Washington, D.C. metro area was up 5.5% compared to a year ago. More inventory is a welcome sign for spring homebuyers, but those who are looking for a single-family home will still see shrinking options with single-family inventory down 2.5%. The inventory of townhomes was up 0.4%, while condo inventory increased a significant 19.4% year-over-year. Sales activity is still tracking well below pre-pandemic levels. Elevated mortgage rates are a factor in fewer transactions, but a lack of inventory continues to be the primary constraint in the Washington, D.C. area market, particularly in the region’s suburbs. The median sold price rose 4.7% in February, with the strongest price appreciation among single-family homes (+10.7%). Prices were up in all markets, with the exception of the District of Columbia.
