The Washington region’s real-estate market hit an all-time record in median listing price for the week ending April 28, according to new data.
The median price for new listings of $649,999 topped the previous record, set two weeks before, at $649,000. In between, for the week ending April 21, the total was $640,000.
Figures represent a market area that includes 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.
Hitting a new record should not be a surprise: The combination of constrained inventory and springtime buyer interest is helping to push up what sellers are seeking.
Those same sellers, however, seem also to be willing to reduce listing prices quickly if the home does not find a buyer immediately. For the same week ending April 28, a total of 8.2 percent of listings saw price cuts.
Record listing prices are not unique to the Washington metro area. For the Bright MLS coverage area as a whole – which extends over portions of six Mid-Atlantic states plus the District of Columbia – the week’s median listing price of $439,000 also was a record.
Home-Sellers Willing to Cut Prices If Homes Don’t Sell Quickly: Home-sellers in Arlington and Fairfax counties are less likely to be cutting their listing prices than the region as a whole, according to new figures from the area’s multiple-listing service.
For the week ending April 28, 7.7 percent of Arlington properties on the market saw a price cut, unchanged from a week before although up from 6 percent during the same week in 2023.
In Fairfax County, 6.7 percent of homes showed cuts during the week, down from 7.6 percent the week before but up from 5.7 percent a year ago.
For the D.C. region as a whole, based on Bright MLS data, 8.2 percent of homes on the market saw listing cuts for the week. That’s down from 8.8 percent a week before, but up from 7.2 percent year-over-year.
For the week, there were a total of 1,513 home sales across the Washington region, down 1 percent from a week before and off 5.2 percent from a year ago.
Figures represent transactions in 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.
The number of new listings for the week, and the number of total listings, were up 2.5 percent and 2.8 percent, respectively, from a week before, and stood 14.7 percent and 18.9 percent higher, respectively, from a year ago.
The number of home showings for the week stood at 24,842, up slightly from a week before but down nearly 14 percent from a year ago.
For more data, see the Website at brightmls.com/marketupdate.
