Washington, D.C. Metro
September 2024 Housing Market Report
Prepared by Bright Research
Key Market Statistics
Housing Market Trends
Home sales in the Washington DC region are picking up as mortgage rates fall. While the number of closed sales in September was about the same as it was a year ago, new pending sales surged, climbing 15.7% compared to last year. Last month, the number of showings in the region rose by 5.9% compared to September 2023.
Buyers are taking advantage not only of falling mortgage rates, but also increasing inventory. Supply in the DC metro area has increased for eight months in a row, and the number of active listings at the end of September was up by 18.9% compared to a year ago.
While affordability is a growing challenge for many buyers, home prices in the Washington DC area continue to rise. The median sold price in September was $599,000, which was up 8.9% from a year ago. Prices fell by 2.1% between August and September, which is a typical seasonal pattern.
Data as of October 4, 2024
As mortgage rates decline further, expect both more buyers and sellers in the market in the fourth quarter. The biggest constraint in the Washington DC metro area is high home prices. Affordability challenges will keep some buyers out of the market, particularly first-time homebuyers. However, more inventory will bring more options and should ease price growth.
Weekly Avg. Mortgage Rate
Source: Freddie Mac
September 2024
Sep '24 vs. Sep '23
Sep '24 vs. Aug '24
3,730 +0.2% -14.3% (Sep '23: 3,723) (Aug '24: 4,351)
Median Sold Price
September 2024
Sep '24 vs. Sep '23
Sep '24 vs. Aug '24
$599,000 +8.9% -2.1% (Sep '23: $550,000) (Aug '24: $612,000)
Median
Days on Market
September 2024
Sep '24 vs. Sep '23
Sep '24 vs. Aug '24
11 days +2 days +1 day (Sep '23: 9 days) (Aug '24: 10 days)
September 2024
Sep '24 vs. Sep '23
Sep '24 vs. Aug '24
4,497 +15.7% +9.8% (Sep '23: 3,888) (Aug '24: 4,097)
September 2024
Sep '24 vs. Sep '23
Sep '24 vs. Aug '24
4,922 +3.0% (Sep '23: 4,780) +7.1% (Aug '24: 4,594)
September 2024
Sep '24 vs. Sep '23
Sep '24 vs. Aug '24
7,902 +18.9% +5.6% (Sep '23: 6,646) (Aug '24: 7,486)
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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.
Please contact Christy Reap, Media Relations Director with interview or information requests:
• (202) 309-9362
• christy.reap@brightmls.com
September 2024
Market Statistics
1,755 September 2024
+9.9%
Sep '24 vs. Sep '23 (Sep '23: 1,597)
Sep '24 vs. Aug '24 (Aug '24: 1,998)
$760,000
September 2024 +6.3%
Sep '24 vs. Sep '23 (Sep '23: $715,000) -3.7%
Sep '24 vs. Aug '24 (Aug '24: $789,500)
$900,000
$850,000
$800,000
$750,000
$700,000
$650,000
$600,000
$550,000
$500,000
Median Days on Market
10 days
September 2024
+2 days
Sep '24 vs. Sep '23 (Sep '23: 8 days)
+1 day
Sep '24 vs. Aug '24 (Aug '24: 9 days)
New Pending Sales
2,013
September 2024
+21.8%
Sep '24 vs. Sep '23 (Sep '23: 1,653) +7.1%
Sep '24 vs. Aug '24 (Aug '24: 1,879)
1,970
September 2024
+1.2%
Sep '24 vs. Sep '23 (Sep '23: 1,946)
+0.3%
Sep '24 vs. Aug '24 (Aug '24: 1,965)
3,031
September 2024
+7.0%
Sep '24 vs. Sep '23 (Sep '23: 2,833)
+0.8%
Sep '24 vs. Aug '24 (Aug '24: 3,006)
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 datadriven 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.
September 2024 Attached Townhomes Report
Prepared by Bright Research
Data as of October 4, 2024
Market Statistics
New Listings Active Listings
995 September 2024 -4.2%
Sep '24 vs. Sep '23 (Sep '23: 1,039) -17.7%
Sep '24 vs. Aug '24 (Aug '24: 1,209) Months
$585,000
September 2024
+6.4%
Sep '24 vs. Sep '23 (Sep '23: $549,900) -2.5%
Sep '24 vs. Aug '24 (Aug '24: $600,000)
Median Days on Market
9 days
September 2024
+2 days
Sep '24 vs. Sep '23 (Sep '23: 7 days)
+0 days
Sep '24 vs. Aug '24 (Aug '24: 9 days)
New Pending Sales
1,277
September 2024
+17.6%
Sep '24 vs. Sep '23 (Sep '23: 1,086)
+17.3%
Sep '24 vs. Aug '24 (Aug '24: 1,089)
1,420
September 2024
+10.8%
Sep '24 vs. Sep '23 (Sep '23: 1,282)
+12.5%
Sep '24 vs. Aug '24 (Aug '24: 1,262)
1,965
September 2024
+25.1%
Sep '24 vs. Sep '23 (Sep '23: 1,571)
+7.6%
Sep '24 vs. Aug '24 (Aug '24: 1,826)
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 datadriven 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.
September 2024 Condos Report
Prepared by Bright Research
Data as of October 4, 2024
Market Statistics
979 September 2024
-9.9%
Sep '24 vs. Sep '23 (Sep '23: 1,087) -14.4%
Sep '24 vs. Aug '24 (Aug '24: 1,144) Months
$375,000
September 2024
+6.1%
Sep '24 vs. Sep '23 (Sep '23: $353,500) -3.8%
Sep '24 vs. Aug '24 (Aug '24: $390,000)
$420,000
$400,000
$380,000
$360,000
$340,000
$320,000
$300,000
Median Days on Market
17 days
September 2024
+6 days
Sep '24 vs. Sep '23 (Sep '23: 11 days)
+2 days
Sep '24 vs. Aug '24 (Aug '24: 15 days)
New Pending Sales
1,207
September 2024
+5.0%
Sep '24 vs. Sep '23 (Sep '23: 1,149) +7.0%
Sep '24 vs. Aug '24 (Aug '24: 1,128)
1,532
September 2024 -1.2%
Sep '24 vs. Sep '23 (Sep '23: 1,551)
+12.2%
Sep '24 vs. Aug '24 (Aug '24: 1,366)
2,906
September 2024 +29.6%
Sep '24 vs. Sep '23 (Sep '23: 2,242)
+9.5%
Sep '24 vs. Aug '24 (Aug '24: 2,654)
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 datadriven 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.