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  • Writer's pictureCarmen Fontecilla

The DMV Real Estate Market: A Snapshot of Current Trends

The real estate market in the DMV area, which encompasses the District of Columbia, Maryland, and Virginia, has seen a significant shift in recent months. Here's a look at some key metrics from April 2023 to better understand the current landscape.

Sales Volume

Sales volume, or the number of homes sold, provides a good indicator of market activity. In April 2023, Washington, D.C., saw 624 homes sold, down from 976 the previous year​. In Maryland, the number of homes sold dropped 33.8% year over year to 5,456 units​, while Virginia saw a decrease in home sales with 8,252 homes sold​.

Contract Activity

Another important metric in the real estate market is contract activity, which shows how many buyers are entering into contracts to purchase homes. Contract activity in the DMV area has also been on a downward trend.

  • In Northern Virginia, contract activity in April 2023 was down 27.4% from April 2022​

  • Loudoun County had a 32.4% decrease in contract activity from the previous April.​

  • Montgomery County saw a decrease of 30.5% in contract activity from April 2022​

  • Prince George's County decreased 22.9% in contract activity compared to April 2022​

  • In Washington, D.C., contract activity was down by 20.1% compared to the previous year​.

Time on Market

The average number of days a home stays on the market before receiving a contract also tells us a lot about the state of the housing market. Homes in the DMV area have been waiting on the market longer in April 2023 than they did in the same month the previous year:

  • Northern Virginia: 20 days, up from 12 days last April​.

  • Loudoun County: 15 days, up from 8 days last April​.

  • Montgomery County: 18 days, up from 15 days last April​.

  • Prince George's County: 31 days, up significantly from 16 days last April​.

  • Washington, D.C.: 42 days, up from 31 days last April​.

National Overview

Regarding the national real estate market, April 2023 saw a 3.4% decrease in existing-home sales across all four major U.S. regions​​, with a median price of $388,800​. There were no changes in pending home sales, but all parts saw year-over-year transaction declines​.

Final Thoughts

While the DMV area's real estate market has seen a decrease in sales volume, contract activity, and an increase in time on the market, these trends are also reflected in the broader national market. However, these numbers only represent a snapshot of the current market situation. Real estate trends can fluctuate based on various factors, including economic conditions, interest rates, and local market forces. Talk to your favorite real estate agent to get more insights.

Stay tuned for more updates and in-depth DMV real estate market analyses in our upcoming blogs. Remember, understanding the market is vital to making informed decisions about buying or selling.


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