Home sales across the Washington region for the first six months of 2024 were down from the same period a year before, but prices keep on rising, according to new data.
A total of 24,398 properties went to closing in the January-through-June period across the region, down 3.6 percent from 25,311 during the same time in 2023, according to figures reported by Bright MLS, the region’s multiple-listing service.
“Record-high home prices and mortgage rates stuck near 7 percent have kept some homebuyers out of the market,” said Lisa Sturtevant, chief economist for Bright MLS.
For June, home sales slipped 12.2 percent from a year before, standing at 4,760. Home showings, which can be used to gauge buyer interest, were down 14 percent, slightly higher than the year-to-date decline of just under 13 percent.
Figures represent a catchment area that includes the District of Columbia; Arlington, Fairfax and Loudoun counties and the cities of Alexandria, Fairfax and Falls Church in Virginia; and Montgomery, Prince George’s and Frederick counties in Maryland.
While inventory is up nearly 22 percent year-over-year, prices also are rising. For the first six months of 2024, the median sales price of $610,000 was up 7 percent from $570,000 a year before.
In June, the median sales price of $640,000 was up just under 7 percent.
“The fastest price growth was in the region’s close-in markets, including Washington, D.C., and Arlington,” Bright MLS analysts said. “Prices are still rising in the more distant suburbs, but at a slower pace.”
Those higher prices for close-in suburbs apparently are spurring some homeowners in the District of Columbia and Arlington to test the waters and put their properties on the market. Home supply in those locales is back to pre-pandemic levels, mainly due to a plethora of condominiums coming to market, while the region as a whole is still down 40 percent in available inventory.
The local region’s ever-increasing prices are not occurring in a vacuum. In May (the latest month for which national data are reported), the median existing-home sales price jumped 5.8 percent year-over-year to a record $419,300, according to the National Association of Realtors. That’s the 11th straight month of year-over-year price gains.
With more supply expected in coming months, and with a slight decline in mortgage-interest rates, the second half of 2024 may be more conducive to those on the hunt for a home.
“While prices will continue to rise, buyers will have more leverage and year-over-year price growth will moderate,” Sturtevant said.
For more data, see the Website at brightmls.com/research.
