The Long & Foster Market Minute

Focus On: Washington DC Housing Market May 2022

Units Sold
934
Active Inventory
1,803
Median Sale Price
$649,825
Days On Market
23
Down -11%
Vs. Year Ago
No Change
Vs. Year Ago
Down -6%
Vs. Year Ago
No Change
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 934 sold this month in Washington DC Real Estate versus 953 last month, a decrease of 2%. This month's total units sold was lower than at this time last year, a decrease of 11% versus May 2021.

Active Inventory
The total number of homes available this month is 1,803 units, which is similar compared to a year ago. This month's total of 1,803 is higher than the previous month's total supply of available inventory of 1,762, an increase of 2%.

Median Sale Price
Last May, the median sale price for Washington DC Homes was $689,000. This May, the median sale price was $649,825, a decrease of 6% or $39,175 compared to last year. The current median sold price is 7% lower 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
1,411
Current Contracts
901
Sold Vs. List Price
101.9%
Months of Supply
1.9
Down -4%
Vs. Year Ago
Down -19%
Vs. Year Ago
No Change
Vs. Year Ago
Up 12%
Vs. Year Ago

Months of Supply
In May, there was 1.9 months of supply available in Washington DC, compared to 1.7 in May 2021. That is an increase of 12% 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 1,411 homes newly listed for sale in Washington DC compared to 1,466 in May 2021, a decrease of 4%. There were 901 current contracts pending sale this May compared to 1,109 a year ago. The number of current contracts is 19% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Washington DC was 101.9% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 23, which is similar compared to a year ago.

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.