After an uncharacteristically slow spring, thanks to stay-at-home orders and economic uncertainty stemming from Covid-19, Washington’s residential real estate market had a record-breaking July.
According to the latest local data, the median home sale price in the DC metro area hit a 10-year high last month, coming in at $530,000—a nearly 13 percent increase compared with July 2019. And for the first time ever, the median price of DC rowhouses exceeded $800,000.
The volume of transactions was also impressive, with more than 5,600 sales closing in July, up nearly 7 percent from 2019. Sellers have clearly gotten over any coronavirus-related hesitation: 7,285 new listings hit the market last month, up about 12 percent from June, and more than 20 percent compared to the same time last year.
Despite the increased supply, homes didn’t last long. Listings spent a median of just eight days on the market—three fewer days than in July 2019. Extremely low interest rates—which ended the month at just shy of 3 percent—were a big motivator for all the activity.
Check out the full report of July housing data below. The information was provided by MarketStats by ShowingTime based on activity from Bright MLS, the listing service that all local agents use.