Home sales across the broader Washington region closed out the first quarter of 2024 down 5.6 percent from a year before, but median sales prices were up 6.9 percent.
That’s according to figures reported by BrightMLS, the region’s multiple-listing service.
A total of 9,456 properties went to closing in the January-February-March period. That’s a drop from 10,013 a year before. But the median sales price of $566,677 was up 7 percent.
Figures represent data for the District of Columbia; Arlington, Fairfax and Loudoun counties and the cities of Alexandria, Fairfax and Falls Church in Virginia; and Montgomery, Prince George’s and Frederick counties in Maryland.
For the quarter, the sales pace was brisk, as prospective purchasers were snapping up the still restrained inventory. The median number of days between listing and ratified sale contract (10) was an improvement from the 16 during the same three-month period in 2023.
What should prospective purchasers do? Lisa Sturtevant, chief economist for Bright MLS, said they have some decisions to make as the market begins to hit what is typically its most busy time of year.
“Buyers who wait for lower mortgage rates later this year could find more inventory, but they will also face even more competition as rate drops entice more buyers into the market,” she said.
As for homeowners? “While many are still holding onto their very low mortgage rates, there are others who are deciding that they need to move,” Sturtevant said.
Interest rates remain elevated, but could fall some in the second half of the year. “Even a modest drop in rates will bring both more buyers and more sellers into the market,” Sturtevant said.
Figures represent most, but not all, homes on the market. First-quarter 2024 figures are preliminary and are subject to revision.
