The median sold price for residential properties in the District of Columbia and Montgomery County, Md. for June 2022 was $635,000, representing an increase of 1.4% compared to June 2021. The average days on market for units sold in June was 17 days, 25% below the five-year June average of 23 days.
The June information is the latest from the Greater Capital Area Association of REALTORS® (GCAAR), representing sales data for the Washington, D.C. and Montgomery County markets. Closed sales for the region totaled 2,241, representing a 20.8% decrease in closed sales when compared to June of 2021.
In the District, the median sold price was $725,000, representing an 11.5% increase from the previous month when the median sold price was $650,000, and up 3.6% from June 2021 ($700,000). New listings, at 1,438, represented an 11.6% decrease compared to June 2021.
In Montgomery County, the median sold price was $600,000, down 3.2% from May and up 8.1% as compared to June 2021. New listings – 1,670 – represented a 6% increase from May and down 16.6% compared to June 2021.
Average days on the market in June were 12 in Montgomery County (compared to 14 days in June 2021) and 26 in the District (compared to 22 days in June 2021).
Nationally, the typical home spent 32 days on the market in June, down 4 days from the same time last year and down 37 days from June 2020, according to Realtor.com® Economic Research.
Nationally, housing remains expensive and fast-paced – with the median asking price at a new high while time on market is up just one day from last month’s record low. The June national median listing price for active listings was $450,000, up 16.9% compared to last year and up 31.4% compared to June 2020. In large metros, median listing prices grew by 13.3% compared to last year, on average.
“Market movement presents an opportunity for buyers and sellers to make informed decisions and still find success with the right plan,” said Harrison Beacher, 2022 GCAAR president.
“Across the District of Columbia and Montgomery County, new listings and the days a home spends on the market are creeping up slowly over last month,” he said. “Both of these factors favor the buyer. However, home prices in the District have inched up almost 12 percent in that same time frame, suggesting sellers still have the benefit of competition.”
“The housing market continues to see significant interest from buyers, despite emerging challenges. For many of these buyers, the dream of homeownership is still very much alive,” said GCAAR CEO Edward R. Krauze. “Although the process of buying a home may be different than it was in the past, anything is possible if you have an experienced REALTOR® working for you.”
You can access the housing market reports here:
The Greater Capital Area Association of REALTORS®, one of the largest local REALTOR® associations in the U.S., is the voice for REALTORS® in Washington, D.C. and Montgomery County, Maryland. Representing more than 12,000 real estate professionals in the greater capital area, GCAAR provides services vital to its members’ daily business needs and works with lawmakers to ensure public policy that encourages homeownership and supports the real estate industry. For more information, visit www.GCAAR.com.