May 2021 Real Estate Update

May 2021 Marketplace Performance

Data as of June 4, 2021

Median Sales Price

  • Median sales price rose $20K from April. Now at a 10 year high, and up 11% since March.
  • Median sales price +4% over median list price ($549.9K).
  • Demand strongest for single-family homes $950K+; 60% sold for over original list price.

MEDIAN SALES PRICE FOR THE MONTH

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

Closed Sales

  • At a ten-year overall record; 4% gain from April to May smallest since October 2020.
  • Fairfax County at a decade high, up 20% from typical May.
  • Condo/co-op sales (1,712) fell -6% from April, Washington D.C. (541) declined -6%.
  • June sales typically gain 10% compared to May; market conditions suggest lower results.

CLOSED SALES FOR THE MONTH

D.C. METRO TEN YEAR TREND: CLOSED SALES

New Pending Sales

  • Under contract at a 10 year high, including townhomes (1,859, + 19% from May five-year average)
  • Prince George’s County best May since 2018; 20720 ZIP code remains in high demand: Bright I T3 Home Demand Index score (154) up 32% from March.
  • Fairfax County single-family homes (1,129) saw 5th straight monthly gain; “High” demand for 22304 ZIP code (201 index): 96 new pending sales ( +22% from May norm).

NEW PENDING HOME SALES FOR THE MONTH

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

New Listings

  • Market unable to keep up with “High” buyer demand; May saw -6% fewer listings compared to April (versus a -2% norm).
  • Fairfax County single-family home new listings (1,253) -16% below five-year norm; demand in 20191 ZIP Code declined -21% from April (186 index).
  • Luxury condo demand fell -14% (190 index). Washington D.C. listings slid -16% from April; first monthly decline in four months.
  • June new listings typically drop -10%.

NEW LISTINGS FOR THE MONTH

D.C. METRO TEN YEAR TREND: NEW LISTINGS

Median Days on the Market

  • Days on the market remained at an all-time low of six days – steady since March.
  • Montgomery County homes sold at their fastest pace on record; 20886 I Montgomery Village area units stayed up for sale for five days.
  • June sees days on the market +2 compared to May.

MEDIAN DAYS ON THE MARKET

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


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.

Data provided by MarketStats by Showing Time, 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

Christy Reap
Internal Communications and Media Relations Director
202-309-9362
Christy.Reap@brightmls.com

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