Real Estate

The Latest Data Shows DC Real Estate May Be Rebounding From the Covid Crisis

As stay-at-home orders begin to relax, more buyers and sellers appear to be venturing out.

Photo courtesy of W.F. Chesley Real Estate.
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As DC-area real estate slowed to a crawl amid stay-at-home orders and economic upheaval, local agents continued to insist that the bustling spring market would still arrive, just a bit later than usual. While that prediction definitely hasn’t come true yet, the latest housing data shows the effects of the Covid-19 crisis may be starting to wane.

Compared to April, the number of homes that went under contract in Washington in May rose nearly 34 percent, and the number of new listings that hit the market increased more than 12 percent. Compared to the same time last year, pending sales and new listings are still down dramatically, but the improvement from April indicates buyers and sellers are starting to feel more confident about venturing into the market.

Prices also remained high, which is in large part a reflection of the extremely low inventory available. The median price of homes sold in the DC-metro in May was $500,000, up more than 4 percent from May last year.

Take a look at the full report of May 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.