The DC Metropolitan real estate market remains strong. He is the most recent snapshot of our local market.
The number of units sold year-to-date has decreased by 0.5% in DC, 3.7% in Northern Virginia, and 0.5% in Montgomery County, while increasing by 0.4% in Prince George’s County and 4.2% in Anne Arundel County. (1/1/18-9/25/18 vs 1/1/19-9/25/19)
Across the DMV, the time homes were on the market before being sold, on average, decreased year-to-date — from 30 to 23 days in Northern Virginia, 39 to 38 days in Montgomery County, and 48 to 46 days in Anne Arundel County, while staying the same at 30 days in DC, and increasing by 37 to 38 days in Prince George’s County. (1/1/18-9/25/18 vs 1/1/19-9/25/19)
At the same time, the median price of sold homes increased by 0.9% in DC, 5.4% in Montgomery County, 3.7% in Prince George’s County, and 2.8% in Northern Virginia, while staying the the same in Anne Arundel County compared to the prior year. (August 2018 vs August 2019)
Market Update: For the most part, the amount of homes sold throughout the DMV has decreased, while the prices for these homes were sold for a little more than the previous year. In short, the demand for homes isn’t as great as a year ago, so there is more room for negotiation on the buyer side.