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.