August 2020 Housing Market Update

AUGUST 2020
Data as of September 4, 2020

August 2020 D.C. Metro Market Activity

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

SUMMARY

The DC Metro continued to benefit from interest rates at historic lows, as area unemployment (7.9% for July) stayed under the national average. Median sale prices hit a ten-year August best, as homes spent seven days on the market, an August decade low. Total new pending home sales rose by 24.9% from last year, a new record. Closed sale volume stayed healthy, as condo/co-op sales hit an all-time high. The month was also an August record for new listings, with new condo/co-op listings at their third-highest level in a decade.

FIVE THINGS TO KNOW:
MEDIAN SALES PRICE

Metro region median sales prices achieved an August record, the second-highest overall in the past decade, down just -2.8% from July’s all-time high.

1. All home types scored an August best, just off the ten-year highs achieved last month. It was also an August record for a year over year gain.
2. Washington D.C. townhomes continued to sell at record prices, hitting a new ten-year high of $850.0K. Capitol Hill townhomes sold for $1.16M, up 24.6% from August 2019.
3. Prince George’s County reported an overall ten-year high. Brandywine ($405.0K) median sales prices improved 24.8%.
4. Montgomery County saw single-family homes sell for $651.5K, a ten-year peak, up 6.5% from last year. In the 20854 /Potomac zip code, detached homes sold for $950.0K, a 12.4% gain.
5. Alexandria City attached home prices ($531.0K) hit a ten-year record, up 34.4% – the best year over year gain since November 2015. Shirlington’s 22206 zip code saw attached homes sell for $527.5K, up +19.1%.

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

The D.C. Metro saw an August record for overall closing volume, as condo/co-op sales (1,556) hit a decade high.

1. Condo/co-op closing volume rose 15.5% from last year, the best August year over year gain since 2013. Category sales gained 7.4% over last month; typically, these units see a -1.6% dip in sales in August compared to July.
2. Montgomery County condo/co-op sales (326) grew 23.5% to an August high. Silver Spring exceeded 100 condo/co-op sales in a month for the first time on record (102, +43.7%).
3. Prince George’s County claimed its best August for townhome sales (227, +14.1%). Hyattsville had a new high of 34 townhome sales.
4. Alexandria saw townhome sales advance 83.1%, reaching an August best 108 sold units. The 22315, Alex/Kingstowne zip code reported 38 townhomes sold, up 72.7%.
5. Washington D.C. condo/co-op sales advanced 20.8% to an August best 458 units sold. The 20002 – Capitol Hill/North zip code improved saw condo/co-op sales (48) by 37.1%.

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

Low mortgage interest rates continued to fuel buyer demand. With rates staying below 3.00%, total new pending home sales rose 24.9%.

1. Total new pending sales dipped -0.9% from last month. Generally, August sees a -8.2% decline compared to July.
2. New pending attached home sales (3,374, +31.4%) marked a ten year high. The District played an essential part, with an August record 862 new pending attached sales (+48.1%).
3. Prince George’s County reached a decade high 458 new pending attached home sales (+15.7%). Waldorf claimed a record 68 new pending attached home sales (+19.3%).
4. Fairfax County captured a ten year overall best 396 new pending condo/co-op sales, up 24.1%. Reston drew 68 new pending co-op/condo sales, a gain of 21.4%.
5. Alexandria City hit a ten year high 258 new pending attached home sales, a 54.5% gain. The 22304, Landmark, Cameron Station zip code marked a new monthly best 93 attached home new pending sales (+38.8%).

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 month marked an August record for overall new listings, while new condo/co-op listings claimed their third-highest monthly volume in a decade (2,216, up +56.7%).

1. DC new condo/co-op listings (757) accelerated 93.6%. In the Petworth area, new condo/co-op listings (40) spiked 122.2%.
2. Fairfax found 487 new condo/co-op listings for the month, up +46.2%. The 22003 / Annandale zip code counted 31 new condo/co-ops added to the market (+106.7%).
3. Arlington experienced a record 81.7% rise in new condo/co-op listings (229). in the 22209, Rosslyn/Arlington area, new condo/co-op listings (37) improved +131.3%.
4. Prince George’s County had its best month on attached listings (465, +2.0%) since August ’18. Bowie had a decade best 58 attached home new listings (+20.8%).
5. Alexandria City attached home listings (281, up 91.2%) saw their most significant year over year gain in a decade. The 22314, Old Town/Clover zip code saw attached home listings (81) triple from August 2019.

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

August matched April 2020 for the fewest days on the market in the past decade.

1. The volume of homes coming off the market in less than ten days (3,334) rose 59.4%. Days on the market declined by one day from last month; typically, units remain for sale four extra days in August compared to July.
2. Prince George’s County fell below ten days on the market for the first time. Units in Clinton (8 days) spent 15 fewer days on the market.
3. Single-family homes in Montgomery County stayed available for seven days, a decade low. Germantown detached dwellings (7 days) left the market 15 days earlier.
4. D.C. townhomes spent an August low seven days on the market. Columbia Heights townhomes logged six days on the market, down 11 days.
5. For the third consecutive month, Fairfax County townhomes on the market for a record-low five days. Springfield townhomes lasted four days on the market, down by three days.

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