In the DMV area, we're currently seeing some fascinating trends in the real estate market. Here's a detailed summary of the most recent data for each neighborhood:
Northern Virginia: In April 2023, contract activity was down 27.4% from April 2022, and the trend was consistent across all six price categories. This downward trend resulted in a 27.9% decrease in contract activity for the first four months of 2023. The average time on the market for homes receiving contracts was 20 days in April 2023, a substantial increase from 12 days in April 2022.
Loudoun County: The contracting activity in April 2023 was down 32.4% from last year, with a 29.1% decrease in contract activity across the first four months of 2023. Homes stayed on the market longer, with an average of 15 days in April 2023 compared to just eight days last April.
Montgomery County: This county saw a 30.5% drop in contract activity in April 2023 from the previous year and a 26.5% decrease in contract activity for the first four months of the year. On average, homes stayed on the market for 18 days in April 2023, up from 15 days the previous year.
Prince George’s County: Contract activity was down 22.9% from April 2022, and the first four months of 2023 saw a 20.7% decrease in contract activity. Homes spent an average of 31 days on the market in April 2023, a significant increase from the 16 days seen in April 2022.
Washington, D.C.: The nation's capital saw a 20.1% decrease in contract activity from April 2022, with a 25.1% decrease in contract activity in the first four months of 2023. The average time homes spent on the market was 42 days in April 2023, up from 31 days in April 2022. The median home price was $677K, down 3.9% from the previous year, and 624 homes were sold in April 2023, down from 976 the last year.
Regarding the broader real estate market trends, nationwide housing indicators show that in April 2023, existing-home sales decreased by 3.4%, with all four major U.S. regions registering month-over-month and year-over-year sales declines. The median price was $388,800, and there were 4.28 million units sold. Despite monthly gains in the Northeast, South, and West regions, Pending sales saw a year-over-year decrease.
In Maryland, home sales dropped significantly by 33.8% year over year to 5,456 units in April 2023, while in Virginia, there were 8,252 homes sold in April.
Stay tuned for more updates as we keep a close eye on the pulse of the DMV real estate market!
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