Monthly
Washington DC Metro
Real Estate Report
Washington DC/ Maryland/Northern VA
Our Services
New Construction Home Sales
Shataa & Associates
"Your Local Realty Partners"
Serving DC, MD & Northern Va.
202.276.2295
A REMAX Allegiance Home Team - 220 7th St SE Washington DC 20003 - 202.547.5600
Washington, D.C. Metro
May 2024 Housing Market Report
Prepared by Bright Research
Data as of June 6, 2024
Key Market Statistics
Closed Sales Median Sold Price Median Days on Market New Pending Sales New Listings Active Listings Months of Supply Showings
May 2024
5,121 $640,000 6 days 5,176 5,970 7,353 1.81 106,841
May 2023
5,238 $600,000 6 days 5,530 5,563 5,569 1.23 121,897
Cha ng e
-2.2% +6.7% +0 days -6.4% +7.3% +32.0% +0.58 mos. -12.4%
YTD 2024
19,462 $600,000 7 days 22,227 29,153 7,353 1.81 511,766
YTD 2023
19,749 $560,000 9 days 22,851 27,656 5,569 1.23 585,665
Cha ng e
-1.5% +7.1% -2 days -2.7% +5.4% +32.0% +0.58 mos. -12.6%
Housing Market Trends
Home prices tie record high and high home prices are sidelining some buyers. 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.
Market Outlook
The slowdown in new pending sales suggests that the Washington D.C. are housing market may be in a cooldown period this summer. The biggest challenge in the market right now is affordability. Some buyers—particularly first-time and moderate-income buyers—may sit the market out, waiting for rates to come down later this year. Expect price growth in the region to moderate.
Weekly Avg. Mortgage Rate
30-yr fixed rate
Jun '23
Jun
'24
8% 7% 6% 5% 4%
Source: Freddie Mac
www.listwithshataa.com
Closed Sales
5,121
May 2024
-2.2%
May '24 vs. May '23
(May '23: 5,238)
+13.3%
May '24 vs. Apr '24
(Apr '24: 4,518)
2024
2023
2019-2022 Range
10, 000
7,5 00
5,0 00
2,5 00
0
Jan
Feb Mar
Apr May Jun
Jul
Aug Sep
Oct
Nov Dec
Median Sold Price
$640,000
May 2024
+6. 7%
May '24 vs. May '23
(May '23: $600,000)
+0. 0%
May '24 vs. Apr '24
(Apr '24: $640,000)
2024
2023
2022
2021
2020
2019
$700, 000
$650, 000
$600, 000 $550, 000
$500, 000
$450, 000 $400, 000
$350, 000
Jan Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec
Median Days on Market
6 days
May 2024
+0 days
May '24 vs. May '23
(May '23: 6 days)
+0 days
May '24 vs. Apr '24
(Apr '24: 6 days)
40 days
30 days
20 days
10 days
0 days
2019
2020
2021
2022
2023
2024
May 2024 Housing Market Report
Washington, D.C. Metro : 2
New Pending Sales
2024
2023
2019-2022 Range
5,176
May 2024
-6.4%
May '24 vs. May '23
(May '23: 5,530)
-3.9%
May '24 vs. Apr '24
(Apr '24: 5,386)
10, 000
7,5 00
5,0 00
2,5 00
0
Jan
Feb Mar
Apr May Jun
Jul
Aug Sep
Oct
Nov Dec
New Listings
5,970
May 2024
+7. 3%
May '24 vs. May '23
(May '23: 5,563)
+0. 1%
May '24 vs. Apr '24
(Apr '24: 5,964)
2024
2023
2019-2022 Range
12, 500 10, 000
7,5 00 5,0 00 2,5 00
0
Jan
Feb Mar
Apr May Jun
Jul
Aug Sep
Oct
Nov Dec
Active Listings
7,353
May 2024
+32.0%
May '24 vs. May '23
(May '23: 5,569)
+11.9%
May '24 vs. Apr '24
(Apr '24: 6,569)
15, 000 12, 500
10, 000 7,5 00 5,0 00
2,5 00 0
2019
2020
2021
2022
2023
2024
May 2024 Housing Market Report
Washington, D.C. Metro : 3
Local Markets
Closed Sales
May '24
vs. May '23
Washington, D.C. Metro
Alexandria City, VA
Arlington County, VA
Fairfax City, VA
Fairfax County, VA
Falls Church City, VA
Frederick County, MD
Loudoun County, VA
Montgomery County, MD
Prince George's County, MD
Washington, DC
5,121
219
231
37
1,336
19
340
483
1,023
763
670
-2.2%
+3.3%
-13.8%
-21.3%
+4.8%
+0.0%
-2.9%
-3.8%
+2.2%
-10.5%
Median Sales Price
May '24
vs. May '23
$640,000
$705,000
$715,000
$839,250
$770,000
$1,260,000
$512,500
$751,000
$650,000
$430,000
$695,000
+6.7%
-3.9%
+6.2%
+14.2%
+8.5%
+18.4%
+6.8%
+5.0%
+6.6%
+1.4%
+5.3%
Median Days on Market
May '24
vs. May '23
6 days
6 days
6 days
4 days
5 days
6 days
6 days
5 days
6 days
10 days
13 days
+0 days
+1 day
+0 days
-1 day
+0 days
+1 day
+0 days
+0 days
+0 days
+0 days
-2 days
Local Markets
New Pending Sales
May '24
vs. May '23
Washington, D.C. Metro
Alexandria City, VA
Arlington County, VA
Fairfax City, VA
Fairfax County, VA
Falls Church City, VA
Frederick County, MD
Loudoun County, VA
Montgomery County, MD
Prince George's County, MD
Washington, DC
5,176
204
212
36
1,271
10
407
514
1,028
849
645
-6.4%
-13.6%
-18.1%
-2.7%
-2.2%
-47.4%
+0.2%
-1.0%
-2.2%
-5.5%
-19.9%
New Listings
May '24
vs. May '23
5,970
211
262
34
1,340
10
455
557
1,050
947
1,104
+7.3%
-11.0%
+0.0%
+3.0%
+9.2%
-37.5%
+11.2%
+11.0%
+5.4%
+11.0%
+7.4%
Showings
May '24
vs. May '23
106,841
3,311
3,976
624
27,863
213
6,625
9,430
23,212
19,723
11,864
-12.4%
-9.0%
-10.8%
-21.2%
-9.2%
-38.6%
-7.5%
-15.0%
-6.7%
-15.0%
-24.2%
May 2024 Housing Market Report
Washington, D.C. Metro : 4
Local Markets
Active Listings
May '24
vs. May '23
Months of Supply
May '24
vs. May '23
Washington, D.C. Metro Alexandria City, VA Arlington County, VA Fairfax City, VA Fairfax County, VA Falls Church City, VA Frederick County, MD Loudoun County, VA Montgomery County, MD Prince George's County, MD Washington, DC
7,353
192
322
25
1,208
10
433
554
1,032
1,141
2,436
+32.0%
+10.3%
+17.5%
-24.2%
+29.5%
-28.6%
+44.3%
+28.2%
+33.0%
+38.8%
+34.5%
1.81
1.12
1.71
1.04
1.29
0.91
1.46
1.43
1.34
1.60
4.42
+0.58 months
+0.16 months
+0.36 months
-0.23 months
+0.39 months
-0.36 months
+0.64 months
+0.44 months
+0.45 months
+0.52 months
+1.48 months
Local Market Map
MD/WV Panhandle North Central Virginia Washington D.C., Metro Central Pennsylvania
Baltimore Metro
Southern Maryland Maryland Eastern Shore Philadelphia Metro Del/Mar Coastal
About Bright MLS
At Shataa & Associates, we strive to provide our clients with the most comprehensive real estate data available in the Mid-Atlantic region. That's why we rely on Bright MLS as our source of truth for market intelligence in six states (Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia) and the District of Columbia.
Bright MLS is an industry leader, providing innovative tools and award-winning support to over 100,000 real estate professionals. This support enables them to deliver on the promise of home to over half a million home buyers and sellers every month.
According to data from Bright MLS, in 2022, their subscribers facilitated a staggering $121 billion in real estate transactions through their platform. This speaks to the power of the platform and the trust that both buyers and sellers have in the professionals who use it.
At Shataa & Associates, we are proud to leverage the data and tools provided by Bright MLS to help our clients make informed decisions about their real estate transactions. We believe that having access to accurate and up-to-date information is key to success in today's competitive market.
If You have any questions concerning the data found in this report or your are thinking about Buying or Selling Real estate in DC, Maryland or Northern Va., Let's discuss your real estate goals today 202.276.2295!
A REMAX Allegiance Home Team - 220 7th St SE DC
202-547-5600
•
•
202.276.2295
www.shataawhittle.com
www.listwithshataa.com
Washington DC/Maryland/Virginia