The median sold price for residential properties in the region for September was $550,000, representing a decrease of 8.3% compared to last month and an increase of 2.8% from September 2021. The average days on market for units sold in September was 27 days, 8% below the 5-year September average of 29 days.
The September 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.
New listings: 1,576, up 78.1% from August New listings: 1,223, up 14.6% from August
In the 50 largest U.S. metros, the typical home spent 43 days on the market, a full week more than last September, according to Realtor.com® Economic Research.
“The increase in mortgage rates may leave some potential buyers feeling pessimistic,” said Avi Adler, 2022 GCAAR president-elect. “However, buyers and their REALTORS® now have more breathing space to find a home that matches their budget as properties stay on market a little longer and prices slightly ease up.”
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 11,000 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.