July 2020 Housing Market Update

JULY 2020
Data as of August 6, 2020

July 2020 D.C. Metro Market Activity

D.C. Metro: July Home Sales and Median Prices

SUMMARY

The DC Metro marketplace maintained its momentum, as interest rates ended the month at 2.99% and unemployment (8.6% for June 2020) held below the national average. The area marked a new ten-year best for median sales price ($530.0K), easily surpassing the previous high set in April ($507.0K).

Sales volume and new pending home sales reached new highs. Homes stayed on the market for the second-fewest days in a decade. As well, sellers entered the marketplace as new listing activity climbed to a July best.

FIVE THINGS TO KNOW: MEDIAN SALES PRICE

Median sales price hit a ten-year overall high as inventory remained tight (1.37 months of supply), with the hghest year to year price increase in nearly eight years.

1. Washington, D.C. townhomes scored a monthly median sales price above $800.0K for the first time on record ($801.5K). Logan Circle townhomes sold at a median price of $1.5MM (+20.0%).
2. Arlington claimed an overall decade high, with townhomes at a ten-year record sales price of $927.5K (+15.9%).
3. Fairfax set a new county record, as prices had their highest year over year gain since February 2013. Reston units closed at +27.4% higher prices ($570.0K).
4. Alexandria City hit a ten year best, with a record year over year gain for the median sales price. Cameron Station prices ($692.5K) rose +11.9%
5. Montgomery County saw all housing types hit a ten-year best. Takoma Park ($602.5K) experienced a +40.4% uptick in median sales price.

MEDIAN SALES PRICE FOR THE MONTH VS. SAME MONTH YEAR-AGO

D.C. METRO TEN YEAR TREND: MEDIAN SALES PRICE

FIVE THINGS TO KNOW: CLOSED SALES

Area sales climbed to a July ten year best. It was the first time on record July closings gained from June in a sign of ongoing improvement across the market.

1. Closing volume gained +16.5% month to month. On average, July activity declined -9.8% from June over the past nine years.
2. Washington, D.C. hit a ten year best. Attached home closings (804) improved +25.0% from last July, with attached unit sales in Columbia Heights (70) up +55.6%.
3. Alexandria condo/co-op sales (139, +13.0%) marked a July high and their third-best month overall in ten years. The 22314 Old Town/Clover zip code saw 47 condo/co-op sales, up +51.6%.
4. Montgomery County reported a July record, as the area experienced its first year over year gain since March. Closing volume in Germantown (143) improved +26.6%.
5. Prince George’s County single-family home sales (637) lagged -2.9%, while townhome sales (194) slid -7.2%. Bowie sold listings (133) fell -16.4%.

CLOSED SALES FOR THE MONTH VS. SAME MONTH YEAR-AGO

D.C. METRO TEN YEAR TREND: CLOSED SALES

FIVE THINGS TO KNOW: NEW PENDING SALES

With mortgage rates ending the month at 2.99%, new pending home sales set July records. Condos/co-ops (1,691, up +13.3%) climbed to an overall ten year high.

1. New pending sales of attached homes (3,297, up +14.8%) reached their highest level since April 2016, and the fifth-highest in the past ten years.
2. Overall, Washington, D.C. new pending home sales set a July record and had their second-best month in a decade. New pending condo/co-op sales (525,+24.1%) climbed to a ten year high.
3. Montgomery saw a decade best 708 new pending attached home sales (+24.6%). Silver Spring set a new city record with 160 attached new pendings (21.2%).
4. Arlington improved +37.6% on single-family homes (117). The 22207, North Arlington zip code area drew 40 new pending single-family home sales (+33.3%).
5. Alexandria City marked a jurisdiction high on townhomes (110, +83.3%). The 22314, Old Town/Clover zip code reported 47 new pending townhome sales, up +67.9%

NEW PENDING SALES FOR THE MONTH VS. SAME MONTH YEAR-AGO

D.C. METRO TEN YEAR TREND: NEW PENDING SALES

FIVE THINGS TO KNOW: NEW LISTINGS

The region reported a July best on total new listing volume, with a ten year overall high for new attached home and condo listings.

1. Compared to June, new listing levels improved 11.9%. On average, July volume dipped -13.4% from June over the past five years.
2. Alexandria posted a July best 298 new attached home listings, up 46.8%. In the 22304, Landmark / Cameron Station zip code, new attached home listings (110) advanced 57.1%.
3. Arlington reported a July best 253 new condo/co-op listings, a 78.2% gain. The 22201, Ashton Heights/Clarendon zip code notched 62 new condo/co-op listings, a 67.6% improvement.
4. Fairfax condo/co-op new listings (483) improved 42.9% to a new ten year high for the month. McLean garnered 47 new condo/co-op listings (+56.7%).
5. Prince George’s County saw fewer new listings across all home types. Hyattsville (129 new listings) reported -15.7% lower volume.

NEW LISTINGS FOR THE MONTH VS. SAME MONTH YEAR-AGO

D.C. METRO TEN YEAR TREND: NEW LISTINGS

FIVE THINGS TO KNOW: MEDIAN DAYS ON THE MARKET

Units came off the market at their fastest rate ever for the month of July. It was also the second shortest number of days on the market in ten years.

1. Montgomery County townhomes spent seven days on the market (a new low), four fewer than last year. Silver Spring townhomes stayed available for five days (-4 days).
2. Prince George’s County single-family homes spent their second-fewest days on the market (12 days) in the past ten years. Laurel single-family homes spent a week on the market, down by eleven days.
3. Alexandria homes remained on the market an extra day compared to last year. Townhomes stayed up for sale an extra day (8 days on the market).
4. DC townhomes stayed eight days on the market (-1 day), the lowest since April ’18. Capitol Hill townhomes stayed available for one week (-9 days).
5. Arlington detached homes held on the market for nine days, two extra days than in July 2019. In the 22101 McLean zip code, single-family units remained available for 32 days, up by nearly three weeks.

MEDIAN DAYS ON THE MARKET VS. SAME MONTH YEAR AGO

D.C. METRO TEN YEAR TREND: MEDIAN DAYS ON THE MARKET

Data provided by MarketStats by ShowingTime based on listing activity from Bright MLS.

About the DC Metro Housing Market Update

The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in ShowingTime’s proprietary database. The DC Metro Area housing market includes: Washington, D.C., Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia. Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.

About Bright MLS

The Bright MLS real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C. and West Virginia. As a leading Multiple Listing Service (MLS), Bright serves approximately 95,000 real estate professionals who in turn serve over 20 million consumers. For more information, please visit www.brightmls.com.

Bright MLS Media Contact

Hanly Heubeck
Warschawski
410-367-2700×116
Hanly.Heubeck@warschawski.com