September 2018 Housing Market Update: Median sales prices continue to rise and set September records; closed sales slide by 10% year-over-year in both D.C. and Baltimore, pending sales also slip; Inventories fall slightly
The following analysis of the Washington, D.C. Metro and Baltimore Metro Area housing markets has been prepared by Elliot Eisenberg, Ph.D. of MarketStats by ShowingTime and is based on September 2018 Bright MLS housing data.
DC Metro Area – Overview
The Washington D.C. Metro median sales price rose 3.7% or $15,000 to $420,000 compared to last year. Prices are, by far, at the highest September level of the decade.
Sales volume across the DC Metro area was more than $1.8 billion, down 7.0% from last year.
The 3,636 closed sales in September were down a significant 10.0% compared to last year and were at the lowest September level since 2014.
New pending sales were also down notably, with 4,444 new pending sales at the end of September, down 7.6% compared to last year and also at the lowest September level since 2014.
New listings of 6,742 were down 3.3% compared to last year.
Active listings of 10,539 were also down 3.3% compared to last year.
The average percent of original list price received at sale in September was 97.7%, up just slightly from last year’s 97.6%.
The median days-on-market this month was 17 days, down three days from last year.