D.C., Maryland, & Virginia

DC Metro Market Snapshot:

In June, the Washington D.C. metro area experienced a 12.2% decline in overall sales, compared to the same period last year. For the first half of the year, total sales were 3.6% lower than in 2023. Despite this downturn in sales activity, home prices continue to climb across the region.

The median sold price in June was $640,000, reflecting a 6.7% increase year-over-year. The most significant price growth occurred in the region’s close-in markets, such as the city of Washington D.C. and Arlington County, VA. While prices are also rising in the more distant suburbs, the rate of increase is slower.

Virginia Market Snapshot:

Despite a recent month-over-month decline, overall sales activity in Virginia for the first half of this year is slightly outpacing the same period in 2023. This increase in sales has occurred even with higher mortgage rates compared to the first half of last year.

Buyers are also contending with rising home prices. In June, the statewide median sales price reached $431,380, a 5% increase from the same time last year, amounting to a rise of more than $20,000. This reflects strong market demand.

Price growth trends are evident across most of the commonwealth, with approximately 68% of Virginia’s county and city markets experiencing median price gains in June.

Maryland Market Snapshot:

Year-to-date, overall home sales activity has been tracking higher than last year. However, June saw a decline in both closed sales and new pending sales compared to June 2023.

On the positive side, inventory continues to rise, providing more options for active buyers. At the end of June, there were 1,422 active listings across the region, up 13.6% from a year ago. This marks the sixth consecutive month of increasing inventory in the region.

Actionable Advice for DMV Agents:

As a result of a settlement agreement announced by the National Association of REALTORS® (NAR) in March 2024, Bright MLS has implemented significant changes to our rules and systems to enhance consumer transparency.

Key Changes Effective June 12th:

Updated Listing Entry Processes and Policies

• New “Seller Concessions” Field: This optional field has been added to the listing entry form, allowing sellers to indicate any amounts they are willing to negotiate towards closing costs for buyers or their service providers.
• Rental Listings: For rental properties, this field will show the amount the landlord is willing to pay at lease signing to the tenant or the tenant’s broker.

Upcoming Changes Effective August 14th:

New Policies and MLS Form

• Various new policies will become mandatory.
• A new MLS form will be required.

Additionally, new forms and rules are being introduced across the DMV markets. Please continue to attend our weekly training sessions for the most up-to-date information and releases. If you have any questions, do not hesitate to reach out.