Source: Tysons Today —
The Washington metro area housing market had ground to a halt at the end of 2022, but in January, there was an increase in both buyer and seller activity that suggests that the market has bottomed out.
Both pending sales and showing activity in the Washington, DC,metro area increased significantly in January compared to December. Buyers who had been sitting out the market in November and December took advantage of declining mortgage rates in January to get back into the market.
Even though supply is still constrained, buyers appear to be more measured in the homebuying process. The median days on market surged in January, with the typical home taking 30 days to go under contract. This is the longest median days on market measure since January 2019.
The median sales price was flat compared to a year ago, following a price decline in December. There was price appreciation in the region’s suburban markets, but the median price in Washington,DC, fell in January.
Bright MLS T3 Home Demand Index
According to the Bright MLS T3 Home Demand Index (HDI), market activity rose from last month. The February HDI for the Washington metro area was 71, up 56 from last month, indicating returning seasonality in the market.
The HDI is still down from 85 a year ago and indicates relatively slow market conditions.
Closed Sales
Year-Over-Year Change
In January, there were 2,465 home sales in the Washington metro area, which was down 36.1% from a year ago. All property types saw around a 35.0% decline in sales led by single-family detached and condominiums, which both fell by 36.6% from January of 2022.
Median Sales Price
Year-Over-Year Change
;
