Many potential sellers chose to sit on the sidelines during the early months of the pandemic, and many potential buyers also chose to wait it out. But that began shifting in June, and last month, median prices hit 10-year highs, more sellers decided to list, and as a result contracts signed to buy homes were significantly up.
The pandemic may actually be helping, not hindering the local housing market.
Below is a snapshot median prices of across the D.C. region for July, courtesy of Bright MLS.
“A lot of folks have been inside for a while. They’ve been looking at the same four walls, and they’ve had the opportunity to really assess what they want out of their home,” said Chris Finnegan, chief marketing officer at listing service Bright MLS.
“For example, in this burgeoning area of telework, the idea of living close to your workplace and having a short commute is not as big of a value as it used to be.”
Add to that, young families looking for more home-schooling space, and urban dwellers looking for their own outdoor spaces, and the pandemic has been good for the D.C. suburbs.
Pending sales in Fairfax County, Virginia; Arlington County, Virginia; and Montgomery County, Maryland, were all up by double digits compared to a year ago in July.
The median price of what sold in Prince George’s County, Maryland, was up almost 7%.
But home sales in the District itself are strong as well. Pending sales in D.C. in July reached a 10-year high, up 17% from last summer. The median price of what sold in D.C. reached $640,000 last month, also the highest in a decade.
“The Washington, D.C., market is unique in that it is evergreen and incredibly durable,” Finnegan said. “And it is consistently listed as one of the very top-tier destinations. So the desirability as well as the presence of the federal government means those ZIP codes will always be at the top of some buyers’ wish lists.”
Throughout the D.C. region, what sold in July, sold in an average of just eight days, three days faster than a year ago.
Bright MLS forecasts strong sales continuing into the fall with low mortgage rates are more sellers coming to market and easing tight inventories.
SOURCE: WTOP NEWS