Washington, DC Market Key Findings
The Bright MLS | T3 Home Demand Index for the Washington Metro area increased by slightly more than 27 percent in February to 108. Buyer interest was at a Steady pace over the month compared with Slow demand in January.
In February, the Index rose for each type of home with the greatest increases in mid- and higher-priced single-family homes. Demand was strongest for higher-priced single-family homes and higher-priced condos, each with a high level of buyer interest. Overall, inventory conditions were tighter in February compared with January. The monthly supply decreased for higher-priced single-family homes, condos and townhouses. Inventory levels ranged from a one-month supply for townhouses and mid-priced single-family homes to a 2.5 months supply for higher-priced condos.
February 2022 Median Sales Price
Continued weak inventory and increasing buyer activity led to a 10.6% spike in the monthly median sales price ($526.0K). It was both a February ten-year record and the first double-digit year-over-year gain since June of ’21.
- With less than 700 total active listings, townhomes hit their highest monthly median sales price ever ($530K, +8.3% YOY). Buyer demand for townhomes rose 22.5% month to month and was off only -2.7% from last year.
- While NOVA single-family homes saw considerable price gains, units in Arlington hit a monthly record of $1.27M, up an astonishing 31.3%. Even more remarkable – homes typically went for 100% of the asking price.
- Frederick County saw its highest year-over-year price gain on record. Interestingly, the gap between townhome pricing ($451.K) and single-family home pricing ($550.2K) narrowed to the smallest on record.
February 2022 Closed Sales
The metro’s narrowing inventory and rising prices held sales under last year’s record results.
- Sales slid for the third straight month as active inventory and new listings continued double-digit declines year over year.
- All home types declined by low- to mid-teen percentages from last year’s February market. Compared to the strong but typical February 2020 pre-lockdown market, condo sales grew 20.4%.
- An indication of a coming strong spring market, sales ramped up 9.1% from January – similar to 2021 (+11.1%) and 2020 (+9.2%).
- Arlington saw the steepest year-over-year decline, as the county’s low inventory, rising home demand (+12.1% MoM), and accelerated pricing limited buyer options.
- Of note, Prince George’s County saw townhome sales increase compared to February 2021 (203, +19.4%).
February 2022 Active Inventory
- Available inventory stayed stagnant, improving only 1.6% from last month’s all-time low. Year-over-year declines were similar to last month and have seen double-digit losses since October.
- Townhome inventory remained weak, below 1K units (696) for a third consecutive month.
- Prince Georges County did see an uptick in available single-family homes (364 units, +6.4%).
February 2022 New Pending Sales
- Upcoming sales for townhomes (1,542, +5.3%) rose from a year ago at a rate similar to seasonal norms.
- Frederick (156, +27.9% YOY) and Prince Georges (276, +37.3% YOY) townhomes saw significant year-over-year gains.
- In Fairfax, single-family home new pending sales (579) tracked similar to a year ago (+1.4%).
February 2022 New Listings
- New listing volume tracked similar to February’s five-year norms and essentially flat from a year ago.
- However, detached homes (2,590, +8.1%) saw significant gains, year over year, for the first time since September.
- Frederick (186,+26.5%) and Prince George’s (241, +18.7%) saw notable townhome new listing increases.
February 2022 Median Days on Market
Following the seasonal pattern, rising buyer demand led to lower days on the market compared to January – another indicator of a potentially bullish spring market.
- Days on the market fell by -6 days month-to-month, in line with the five-year February trend. As well, DOM was at its lowest level since July.
- Year over year levels held steady, indicating that buyers haven’t yet pulled back from their high-energy activity.
- Detached home’s days on the market (7 days) reflected their +57.8% year-on-year rise in demand. Fairfax County came in at five days, tying the all-time lows set back in the spring of 2021.
February 2022 Showings
- The -7.3% year-over-year dip was similar to the Mid-Atlantic region overall (-6.9%).
- However, buyers showed rising interest ahead of the spring market. Activity rose 11.8% month to month, better than the other major mid-Atlantic metros.
- Frederick County drew particular interest, as the uptick in home showings mirrored the +5.8% rise in demand from last year.
Washington, DC Metro Closed Sales
Washington, DC Metro Ten Year Trends
Median Sales Price by Housing Type
Months of Supply
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: Alexandria City, Arlington County, Fairfax City, Fairfax County, Falls Church City, Frederick County (MD). Loudoun County, Montgomery County, Prince George’s County, Washington, D.C.
Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.
About Bright MLS
About Bright MLS Bright MLS’s 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 supports over 95,000 real estate professionals who in turn serve the more than 20 million homeowners in our footprint. In 2020, Bright’s customers facilitated $116.3B in real estate transactions through our system. For more information, please visit www.brightmls.com.