Washington Real Estate Report | Citywide Outlook
May’s median sales price was $596,000, down .5 percent compared to last year’s median. The 949 May sales represented a 2.6 percent increase versus last year and above the May five-year average of 853. In fact, it was the highest for May sales since 1997. Even with the median sales price near record highs, supply is scarce with only 2.0 months of supply on hand.
Closed sales were down in the detached and townhouse segments, but up in the co-op/condo segments compared to last May. Half the homes sold in May were on the market for eight days or less and the competition among buyers kept the median percent of asking price at 100 percent.
Rising interest rates have begun to sound a note of concern for some market watchers. Home sellers, however, should feel relieved:
For home buyers, higher rates are just one more obstacle in an already tough market. If you have the choice to purchase your home sooner rather than later this year, doing so may save you some money on your monthly mortgage payments.
The supply of homes remains scarce relative to demand, continuing to drive a strong seller’s market in neighborhoods such as Brightwood. In May, there was only a 1-month supply of homes available. Experts say a six-month supply represents a balanced market, so you can see that home sellers have strong hand.
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This analysis of the Washington, DC housing market has been prepared based on listing data by MarketStats and ShowingTime.