Written By: Khalil El-Ghoul Jun 20 2022

Washington D.C. Market Update

The Real Estate Market is Shifting in Washington D.C.

The latest market report from the GCAAR shows new listings up 2% from April 2022 and down 2.8% from this time last year. May saw 1,421 new listings in Washington D.C.

New Washington D.C. pending sales for May were 899, a 6.9% decrease from the month before and a nearly 20% drop from May 2021.

Source: districthomemagazine.com

Closed sales saw numbers fall just 1.0% from April, but saw a more significant decline of 11.0% from May of last year.

Washington D.C.’s median sold price currently sits at $650,000, a 7.0% drop from April and down 5.3% from May 2021. The five-year May average for Washington D.C. median sold price is $638,611.

Washington D.C. Active Listings

Active listings in Washington D.C. are well above the five-year May average of 1,569; current data shows 1,759 active listings.

Source: fortunebuilders.com

Good news for sellers, as the average days on the market (DOM) is still above the five-year May average of 24. Currently, the average DOM is 23.

Some homes are still selling for above the listing price. The current average sold to the original list price (OLP) was 100.8% for May. The five-year May average is 100%, with the max at 101.8% — which was recorded in May last year.

What Does All This Mean?

The most current market update for Washington D.C. shows an increase in new listings and a slight decrease in home sales activity.

Median sold prices are down from April of this year, which is excellent news for buyers adjusting to higher interest rates.

Source: tristarfinance.com

The market is currently shifting, or correcting. In a housing correction, the market tries to normalize buying and selling. This is great news for buyers beginning to see relief from high home prices. And sellers, for the most part, are still receiving the list price and over.