May 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?
The median price in the Washington, D.C. region was $600,000 in May, the highest in the Mid-Atlantic region. Prices have fallen for 3 months in a row, down from the peaks of last year, but are still about 30% higher than they were before the pandemic.
Limited inventory is a major obstacle to home buyers. With just 1.23 months of supply in the market, inventory is less than half of what it was in 2019 and new listing activity is at a more than two-decade low.