The housing market in the District continues to buck the ongoing trend the larger metropolitan area is experiencing.
The latest report by Bright MLS shows that August was the 11th consecutive month that median home prices increased year-over-year regionwide, to a ten-year-high for August of $430,000. Despite marginally fewer sales than a year ago, the area also experienced the 16th consecutive month of year-over-year decreases in inventory.
Meanwhile, DC proper is the only jurisdiction in the area where home prices declined year-over-year, dropping by about 5 percent to $545,000 despite nearly 7 percent more sales over the same period. Similarly, 7 percent more new listings hit the market this August compared to August 2016.
While this is the third consecutive month that inventory has risen in the District, consistently low levels of supply mean we’re still far from seeing a buyers’ market in the city.
“The lack of inventory is making buyers fight to get the limited number of houses that are on the market and it makes it hard on sellers as they are reluctant to list their house as they are fearful they may not find what they want,” Bright MLS economist Elliot Eisenberg told UrbanTurf. “We very much need more new homes to be built. Absent more new housing, this sellers’ market will continue. It is also important to note that our market is experiencing what many other cities are experiencing. This is a national problem.”