September 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?
Sales Down, Prices Still Rising in the Mid-Atlantic Outlook is for a Chillier Fall Market While inventory increased from August to September, active listings at the end of September were 11.2% lower than last year. Inventory across the Mid-Atlantic has remained below its 2022 levels for four consecutive months. As a result, price growth has continued in the Mid-Atlantic. The median price in the region was $385,500 in September, a 4.2% increase compared to last year. New listings are not adding to the equation and were down 23.2% in September 2023. Without additional new listings and an increase in supply, the pressure on prices has continued even with mortgage rates elevated. The median days on market is only gradually growing this fall. In September, the median days on market was nine days, only one day more than August and four days faster than a year ago. Market activity remains low. New pending sales are down 12.4% and closed sales decreased 20.0% year-over-year. The combination of high mortgage rates, low active listings, and the transition to a fall market will dampen transactions further.