January 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?
High prices and elevated mortgage rates have not deterred buyers in the Washington, D.C. metro area. In January, the median sold price in the Washington, D.C. metro was $535,000, rising 7.0% year-over-year. Prices in the region have been rising steadily since last summer and the median price is now 29% higher than it was in January 2019. Showing activity and new pending sales were lower in January than they were last year, but that lower activity does not indicate a falling off of demand. Rather, a lack of inventory continues to be the major constraint on the Washington, D.C. metro area housing market. There was a total of 4,930 active listings at the end of January, down 4.8% compared to a year ago. New listing activity has been at historically low levels, as current homeowners remain on the sidelines, holding onto their low mortgage rate.
