MARCH 2021 | Data as of April 6, 2021
Median Sales Price
- The First Quarter 2021 median sale ($497 .0K) price rose 7% year over year.
- The March ’21 monthly sales price ($516 .0K) was $16K higher than the median list price – a ten-year record for all properties sold.
- The Bright MLS I T3 Home Demand Index pointed to “High” demand for luxury single-family homes priced above $9 50K across the metro this month, helping to drive up pricing. In Alexandria City, single-family homes had a monthly median sales price of over $1 MM for the first time ($1.16M).
- In Prince George’s County, the March ’21 overall median sales price was ten-high, gaining $35 .3K from last March’s pandemic-influenced market and $65.2K from March ’19.
- Typically, median home sale prices rise an additional 3% in April compared to March.
MEDIAN SALES PRICE FOR THE MONTH VS. SAME MONTH YEAR-AGO
D. C. METRO TEN YEAR TREND: MEDIAN SALES PRICE
Closed Sales
- Overall 1Q21 sales (12,829) rose 18%. More than 1,900 additional units sold compared to last year.
- March ’21 set a ten-year record for D.C. Metro condo/co-op sales (1,730), up 35% from last year’s pandemic-affected norm and 61% from the “typical” benchmark of March 2019.
- Condo/co-op sales powered Washington D.C. to its best overall closing volume in a decade. Condo/co-op units (535) represented 55% of all sales, the highest on record.
- Typically, sales improve 15% in April compared to March.
CLOSED SALES FOR THE MONTH VS. SAME MONTH YEAR-AGO
D.C. METRO TEN YEAR TREND: CLOSED SALES
New Pending Sales
- Steady buyer demand across 1Q21 helped new pending homes (15,360) improve 15%versus 1Q20.
- March saw upcoming sales roar to an all-time high. New pending condo sales (2,077) saw a ten-year best up 35% from the five-year average for the month.
- Virginia experienced significant demand for condos. Arlington’s 22203 ZIP code indexed a “high” 244 score. The area had 32 new pending condo sales, up from 15 last March.
- Fairfax County single-family home pending sales (995) improved 7 4% from February, and gained 7% compared to the March five-year benchmark.
- Moving into April, new pending home sales generally improve 5%. However, the
high-velocity market looks to drive this higher.
NEW PENDING SALES FOR THE MONTH VS. SAME MONTH YEAR-AGO
D.C. METRO TEN YEAR TREND: NEW PENDINGS
New Listings
- Across 1Q21, new home listings (17,703) gained +4% from 1Q20.New condo/co-op listings (2,515) achieved their best March on record and third-best month in the last decade.
- New listings of condo/co-op units Prince George’s County continued to gain steam, up for the third straight month (254, up 52% from February).
- Montgomery County sellers charged to the market in March. New listing rose 66% month to month, with +662 new listings added.
- Looking ahead to April, new listings improve 10% month to month.
NEW LISTINGS FOR THE MONTH VS. SAME MONTH YEAR-AGO
D.C. METRO TEN YEAR TREND: NEW LISTINGS
Median Days on the Market
- In 1Q21, units in the D.C. metro came under contract in a median time of eight days, down from 13 in 1Q20.
- Across the region, days on the market fell to their lowest level on record. Single-family homes spent two fewer days up for sale to a record low six days on the market.
- Montgomery County remained a fast-moving market for all key home types. Condo /Co-op units fell to single-digit days on the market for the first time (9, down four days) .
- Washington, D.C. townhomes saw their median days on the market slip back to an all-time low of seven days
- Compared to March, days on the market for April slides by an additional day.
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 Showing Time’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 Showing Time, based on listing activity from BrightMLS.
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
Christy Reap
Internal Communications and Media Relations Director
202-309-9362
Christy.Reap@brightmls.com
