The DC-Area Housing Market Remained Resilient In August

• September 10th

by UrbanTurf Staff

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Despite headwinds, the DC area market showed signs of resilience in August. 

The latest housing analysis from Bright MLS out today reported that more than 4,200 homes went under contract in the region in August, a 3% increase compared to August 2024 and a sign that buyers were more active than anticipated. 

"The Washington, D.C. area housing market has slowed but it has not stalled out," Lisa Sturtevant, PhD, Chief Economist at Bright MLS said in a release. "Opportunistic buyers are taking advantage of lower rates and more inventory." 

The increase in contracts came despite rising home prices. Prices in the region reached $625,000 in August, up 2.1% from August 2024. While increasing, the pace of price growth has been cooling since the start of the year. In areas like Montgomery and Prince George’s counties, median sales prices declined year-over-year, underscoring a shift toward a more balanced market after years of rapid price escalation.

While the news was generally positive in August, job cuts and the federal takeover represent a precarious time for the regional market. 

"Uncertainty surrounding federal government layoffs and budget cuts have made prospective buyers and sellers more cautious," the report stated. "Slightly lower rates and slower home price appreciation, or even year-over-year declines, should bring more buyers out this fall though sales activity is likely to remain relatively subdued."

Photo by Derek & Vee. 

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/the_dc-area_housing_market_remained_resilient_in_august/23846.