The Long & Foster Market Minute

Focus On: Washington DC Housing Market May 2020

Units Sold
574
Active Inventory
1,446
Median Sale Price
$656,000
Days On Market
27
Down
Vs. Year Ago
Down -22%
Vs. Year Ago
Up 10%
Vs. Year Ago
Up 8%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 574 sold this month in Washington DC Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 418 units or 22%. The total number of active inventory this May was 1,446 compared to 1,864 in May 2019. This month's total of 1,446 is lower than the previous month's total supply of available inventory of 1,557, a decrease of 7%.

Median Sale Price
Last May, the median sale price for Washington DC Homes was $594,950. This May, the median sale price was $656,000, an increase of 10% or $61,050 compared to last year. The current median sold price is 6% higher than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
1,115
Current Contracts
853
Sold Vs. List Price
99.0%
Months of Supply
2.5
Down -25%
Vs. Year Ago
Down -10%
Vs. Year Ago
Down -0.8%
Vs. Year Ago
Up 34%
Vs. Year Ago

Months of Supply
In May, there was 2.5 months of supply available in Washington DC, compared to 1.9 in May 2019. That is an increase of 34% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 1,115 homes newly listed for sale in Washington DC compared to 1,478 in May 2019, a decrease of 25%. There were 853 current contracts pending sale this May compared to 949 a year ago. The number of current contracts is 10% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Washington DC was 99.0% of the average list price, which is 0.8% lower than at this time last year.

Days on Market
This month, the average number of days on market was 27, higher than the average last year, which was 25, an increase of 8%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.