To date, the amount of homes sold in Washington, DC has increased from last year, with homes selling for just slightly less than the previous year. In Maryland and Virginia, fewer homes were sold overall, while the homes that sold were sold for more. In short, if you are you in the market to purchase a home in DC, there is more room for negotiation when it comes to price. In Maryland and Virginia, however, not only is there less inventory, but prices are higher, so be wary of a bidding war. Below are the statistics broken out by region:
The number of units sold has increased by 0.4% year-to-date in DC, while declining by 4.2% in Northern Virginia, 4.9% in Montgomery County, and 0.3% in Anne Arundel County.
Across the DMV, the time homes were on the market before being sold, on average, increased year-to-date — from 35 to 43 days in DC, 46 to 56 days in Montgomery County, 57 to 64 days Anne Arundel County, and 36 to 38 days in Northern Virginia. (1/1/18-5/29/18 vs 1/1/19-5/29/19)
At the same time, the median price of sold homes decreased by 0.7% in DC, while increasing by 8.0% in Northern Virginia, 1.4% in Anne Arundel County, and by 4.3% in Montgomery County compared to the prior year. (
April 2018 vs April 2019)
(Data courtesy of BrokerMetrics)