Percent changes calculated using year-over-year comparisons.
New Listings were down 9.7 percent for single family homes and 16.4 percent for townhouse-condo properties. Under Contracts decreased 22.3 percent for single family homes and 30.6 percent for townhouse-condo properties. The Median Sales Price was up 8.0 percent to $605,000 for single family homes and 9.2 percent to $415,000 for townhouse-condo properties. Days on Market increased 107.1 percent for single family homes and 60.0 percent for townhouse-condo properties.
Affordability challenges have priced many buyers out of the market this year, and buyers who do succeed in purchasing a home are finding that the costs of homeownership have increased significantly, with monthly mortgage payments more than 55% higher than a year ago, according to the National Association of REALTORS®. Inventory remains lower than normal, and as the market continue to shift, experts project homes will begin to spend more days on market and price growth will slow in the months ahead.
Source: https://www.dmarealtors.com/