DC Real Estate Cooled Off this Summer

 DC Real Estate Cooled Off this Summer

As more Washingtonians fell back into pre-pandemic summer routines, so did the local real-estate market. Stats from multiple-listing service Bright MLS showed the market beginning to slow in July, and the latest data reveals that trend continued into August. The median sales price for the DC-metro area dropped 2.4 percent from July to August, the number of homes that went under contract fell 2.1 percent, and listings lingered for a day longer. This August was also much less frenzied than last August, with agents handling 17 percent fewer showings compared to a year ago.

It’s typical for activity to slow in the summer, when Washington empties out and many folks put big decisions on hold until fall. We simply didn’t get that break last year, thanks to pent-up buyer demand created by springtime Covid lockdowns, coupled with the fact that hardly anyone was traveling. Though the competition isn’t as crazy now, it’s not as if…

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