May 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?
The median sold price in the Washington D.C. metro area was $640,000 in May, up 6.7% from a year ago and tying the record high set in April. Prices continue to rise despite the significant uptick in inventory. At the end of May, there were 7,353 active listings throughout the Washington D.C. metro area, which was a 32.0% increase from a year ago. While supply is increasing, more buyers are being kept out of the market by high home prices and elevated mortgage rates. In May, there were 5,121 closed sales, which was 2.2% lower than last year. The number of new pending sales was down 6.4% year over year. Half of all homes sold in May were on the market six days or less, which indicates that market conditions are still brisk.
