August 2024 Market Update

by Grit Labocki

Below is a market update for the DC Metro Area for August 2024. Here are the five key takeaways:

1) Sales Activity in the region has slowed down, and it is, in fact, the slowest in 16 years. However, there are wide discrepancies across the region.

2) High home prices sideline some buyers. The median Price in August was $612,000, up 4.6% year over year.

3) Houses stay on the market longer on average. The median days on the market were 10 in August, up from eight in July.

4) Inventory has increased for seven months in a row, with active listings up 25.5% at the end of August. New listings were down 1.2 %, which means inventory growth was driven by slower sales activity.

5) Mortgage rates have been falling since early July, but the slight decline has not affected affordability in the region.