August 2024 Housing Market Report
Prepared by Bright Research
Source: Freddie Mac Washington, D.C. Metro
Key Market Statistics
Housing Market Trends
Slowest August sales since 2008 in the Washington DC metro area. There were 4,351 sales across the DC metro area in August, which was 5.1% lower than last year and the lowest August sales total in 16 years. Yearto-date, sales in the Washington DC region are running two percent below 2023.
High home prices are sidelining some buyers. The median price in August was $612,000,up 4.6% yearover-year.
Buyers who remain in the market are able to take a little more time. The median days on market was 10 in August, up from eight days in July and in August 2023.
Inventory has increased for seven months in a row, with the number of active listings up 25.5% at the end of August. New listings were down 1.2% which means inventory growth was driven by slower sales activity. Data asof September 6, 2024
Mortgage rates have been coming down since early July, but the slightly decline in rates has not had an impact on affordability in the region. Rates will fall further in the coming months and price will decline seasonally, which should bring more buyers into the market. Buyers will have more leverage as inventory continues to increase this fall.
August 2024
Aug '24 vs. Aug '23
Aug '24 vs. Jul '24
4,351 -5.1% -9.6% (Aug '23: 4,583) (Jul '24: 4,811)
Median Sold Price
August 2024
Aug '24 vs. Aug '23
Aug '24 vs. Jul '24
$612,000 +4.6% -2.1% (Aug '23: $585,000) (Jul '24: $625,000)
Median
Days on Market
August 2024
Aug '24 vs. Aug '23
Aug '24 vs. Jul '24
10 days +2 days +2 days (Aug '23: 8 days) (Jul '24: 8 days)
August 2024
Aug '24 vs. Aug '23
Aug '24 vs. Jul '24
4,097 -1.0% -9.7% (Aug '23: 4,137) (Jul '24: 4,539)
August 2024
Aug '24 vs. Aug '23
Aug '24 vs. Jul '24
4,594 -1.2% (Aug '23: 4,649) -7.9% (Jul '24: 4,989)
August 2024
Aug '24 vs. Aug '23
Aug '24 vs. Jul '24
7,486 +25.5% +2.0% (Aug '23: 5,965) (Jul '24: 7,341)
Local Markets
Local Markets
Local Markets
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
Bright MLS was founded in 2016 as a collaboration between 43 visionary associations and two of the nation’s most prominent MLSs to transform what an MLS is and what it does, so real estate pros and the people they serve can thrive today and into our data-driven future through an open, clear and competitive housing market for all. Bright is proud to be the source of truth for comprehensive real estate data in the Mid-Atlantic, with market intelligence currently covering six states (Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia) and the District of Columbia.
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