Real Estate

Here’s the Latest Data on What Covid-19 Has Done to DC Real Estate

Sales plummeted in April—but prices remained high. What you need to know.

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April is usually among the busiest times of the year for both buyers and sellers, but the latest data shows the effects of the Covid-19 lockdown led to one of the slowest months for local real estate in at least the past decade.

The number of homes listed for sale in the DC-metro area dropped more than 37% compared to April 2019—resulting in the lowest inventory in the past 10 years. Meanwhile, the number of listings that went under contract plummeted 41%—the sharpest decline within the past decade.

A couple positive spots: the listings that did sell found buyers quickly, spending a median of just seven days on the market (compared to eight days last year, and 10 days in 2019). And the homes that closed in April—most of which presumably went under contract in March, at the beginning of the Covid-19 crisis—sold for a median price of $507,000, up nearly 7% compared to April 2019. Both of these stats reflect the dramatically reduced supply of homes on the market, but they also show that serious buyers are still out there.

Take a look at the full report of April 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.

 

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Senior Editor

Marisa M. Kashino joined Washingtonian in 2009 as a staff writer, and became a senior editor in 2014. She oversees the magazine’s real estate and home design coverage, and writes long-form feature stories. She was a 2020 Livingston Award finalist for her two-part investigation into a possible wrongful conviction stemming from a murder in rural Virginia. Kashino lives in Northeast DC.

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