Per BrightMLS latest market report for August 2024:
- Closed sales in August 2024 were 5.1% lower than in August 2023, marking the slowest August sales in the Washington DC metro area in 16 years.
- The median sold price in August 2024 was $612,000, showing a 4.6% increase compared to August 2023.
- Active listings saw a significant increase of 25.5% in August 2024 compared to August 2023, driven by a 1.2% decrease in new listings.
- Fairfax County, VA had 946 new pending sales in August ’24, showing a 1.9% increase compared to August ’23.
- Loudoun County, VA had 413 new pending sales in August ’24, showing a 6.2% increase from August ’23.
High home prices are sidelining some buyers.
Buyers who remain in the market are able to take a little more time. The median days on market was 10 in August, up from eight days in July and in August 2023.
Inventory has increased for seven months in a row, with the number of active listings up 25.5% at the end of August.
New listings were down 1.2% which means inventory growth was driven by slower sales activity.