The D.C.area real estate market is slowing
Last summer, the Washington area real estate market was as competitive as ever, but the pace of the market has slowed considerably this year. In July, the typical home in the Washington metro area was on the market for 39 days before finding a buyer. That’s 19 days longer than last July. Of the Washington area homes that sold in July, 21 percent of them were off the market in two weeks or less, down from 43 percent during the same period last year.
The number of homes for sale is on the rise. After declining nearly every month in 2016 and 2017, the Washington metro area has seen year-over-year gains in the number of homes for sale every month this year. Inventory was up 9 percent in July compared with a year ago.
This much needed inventory has given buyers more options, alleviating some of the upward pressure on home prices. With more homes to choose from, buyers are feeling less frenzied and taking a bit more time in their home search. Price growth is leveling out. Home-sale prices in the Washington area grew less than 1 percent in July, compared with a year ago. Sales in the region grew 12.7 percent in July compared with last year as buyers took advantage of new inventory.