September August 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?
Home sales in the Washington DC region are picking up as mortgage rates fall. While the number of closed sales in September was about the same as it was a year ago, new pending sales surged, climbing 15.7% compared to last year. Last month, the number of showings in the region rose by 5.9% compared to September 2023. Buyers are taking advantage not only of falling mortgage rates, but also increasing inventory. Supply in the DC metro area has increased for eight months in a row, and the number of active listings at the end of September was up by 18.9% compared to a year ago. While affordability is a growing challenge for many buyers, home prices in the Washington DC area continue to rise. The median sold price in September was $599,000, which was up 8.9% from a year ago. Prices fell by 2.1% between August and September, which is a typical seasonal pattern.
