In June, the housing market in the DC region experienced stagnation as record-high home prices suppressed sales, and the number of homes for sale continued to grow.

A recent report from Bright MLS revealed that home prices remained at record highs for the third consecutive month, resulting in a 12% drop in sales compared to June of the previous year.

Regional home prices peak at $640,000 in June, with the most significant price increases occurring in nearby submarkets. In Washington, DC, home prices surged by 18% to reach $719,000, while in Arlington, prices rose nearly 24% to $807,500.

The elevated home prices led to a decline in sales across all submarkets covered by Bright MLS. In DC, Arlington, and Alexandria, closed sales dropped by 25% compared to last year. Concurrently, the inventory of homes for sale increased for the fifth consecutive month, reaching 7,257 listings by the end of June, marking a 22% increase compared to last summer.

“Record high home prices and mortgage rates stuck near 7% have kept some homebuyers out of the Washington, D.C. metro area market in the first half of 2024. More inventory coming onto the market will draw in more buyers. While prices will continue to rise, buyers will have more leverage and year-over-year price growth will moderate,” the report stated.

For more DMV updates, visit Brickfront Properties and Construction.

Read more on the DC housing production target likely to be achieved in August 2024.