Housing market activity picked up in the D.C. area in May, with the number of homes that went under contract rising nearly 34% from April, and the number of new listings increasing more than 12%.

Compared to May 2019, pending sales and new listings are 7.5% lower, but the acceleration of activity suggests buyer and seller confidence has improved.

Prices remain high, in part due to a lack of inventory. The median price of homes sold in the metropolitan area in May was $500,000, roughly 4% higher year-over-year, representing the second-highest month ever on a median sale price basis. May also marked a ten-year high for condo median sales prices.

The pickup in new pending sales was especially notable in Montgomery County, Prince George’s County, and Arlington County, as buyer demand shifted to suburban areas.

If you are thinking about buying or selling in the DC area, contact The Carolyn Homes Team today for a detailed market analysis. 

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