Home | Newsletter | Advertise
loading...

DC-Area Housing Market Sees Beginning of Corona Effect in March

  • April 13th 2020

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

The regional housing market kept up its hot start to the year in March until the effects of the coronavirus started to materialize. 

The latest housing report from Bright MLS reveals a market that started out strong in March and then began to slow down in the middle of the month. While regional home prices saw a 10-year high for the month and homes were selling on median in just over a week, the second half of the month was very different than the first half. 

"The impact of COVID-19 related stay-at-home orders and social distancing measures became evident in the latter half of the month," the report stated. 

Most notably, the number of homes that went under contract in March saw a significant year-over-year decline, falling almost 16 percent. Prospective sellers were also showing signs of hesitation, as the number of new listings to the hit the market fell to the lowest level for the month since 2015. 

A more complete picture of how the virus is effecting the market will be seen when the April numbers come out next month. 

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc-area-housing-market-sees-beginning-of-corona-effect-in-march/16709.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse