July 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?
Active Buyers Drive Strong Price Rebound Home prices rose at fastest rate in more than a year The Washington area’s hot summer weather typically slows housing market activity but this year home shoppers are still active, competing over ever-shrinking inventory and driving prices higher. In July, the median sales price in the Washington, D.C. metro area was $590,000, a 4.8% rise from a year ago and the biggest yearover-year increase since June 2022. Prices are rising faster in the region’s suburban markets where housing is slightly more affordable. While buyers may be active, sellers are still very much on the sidelines. The number of new listings coming onto the market in July hit a more than two-decade low and tracked 34.4% below last year’s level. Overall, across the region, there were just 5,731 total active listings at the end of July, down 29.3% from a year ago and less than half of the inventory that was on the market prior to the pandemic.