And, as the supply of new homes decreased this April, the region experienced its highest monthly median sale price in the past 10 years, new data reveals.
In the month of April, the housing market of the DC metro area experienced the long-lasting, economic effects of the coronavirus pandemic, setting new records for the region.
According to recent data released on May 12 from Bright MLS, new sellers paused putting their homes on the market—resulting in the lowest April volume of new listings in the past decade—while new pending sales had their sharpest year-over-year drop in a decade as well.
In April, a time of year when listings typically increase by about 10%, the number of listings faced a decline of 26.1%, attributed to the enactment of stay-at-home orders in DC, Maryland and Virginia.
Yet as the number of homes on the local market has decreased, the price of homes is continuing to rise, with April bringing the highest monthly median sale price in the past decade of $507,000, which was only on the market for seven days, an overall 10-year low. Plus, in Falls Church, units achieved a median sale price of $1 million for the first time in history.
“The DC area real estate market persevered this month,” Chris Finnegan of Bright MLS said in a press release earlier this week. Plus, he added, those interested in diving into the market should be aware of a surge of new properties coming onto the market once social distancing restrictions ease.
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