October 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?
October surprises with a big bump in home sales in the Washington D.C. metro area. There were 4,207 home sales in October across the Washington D.C. metro area, a significant increase both from September and from a year ago. Falling mortgage rates and more inventory have enticed more buyers to get into the market this fall. While home prices are down from the record highs hit this summer, prices continue to escalate across the region. The median sold price in the Washington D.C. metro area was $600,000, up 5.6% compared to a year ago and rising 0.2% compared to September. Home prices historically dip between September and October. More inventory has been a welcome change for buyers in the D.C. area market. The number of listings available for sale at the end of October was 15.5% higher than a year ago, and supply has risen for nine consecutive months. Inventory is above pre-pandemic levels in some local markets but remains competitive in many parts of the region.
