What Do the Quarter 2 Numbers Mean for Our Market?

My full Q2 market update for the Washington D.C. and Virginia markets.

Today we're going over the second-quarter numbers for our real estate market. Quarter two usually sees a lot more activity than quarter one, and this year is no different. We’ll be discussing Washington D.C., Virginia, and Montgomery County.

For April, May, and June in Washington D.C., there were 4,765 active listings and 3,275 homes sold. The average days on market was 23, and the average inventory was 4 months. In June, the average sales price was $884,480.

Meanwhile in Alexandria, Virginia, there were 1,223 new listings and 936 homes sold. The average days on market was 15 to 20.

"We are still in a seller’s market, but this is good news for buyers."  

For Fairfax County, there were 7,763 new listings and 6,134 homes sold. The average days on market was 13.

For Montgomery, there were 5,776 new listings and 4,629 homes sold. The average days on market was 14 to 17.

On average, we’re seeing about 2 to 3 months of inventory which is a huge increase from quarter one. We’re also seeing anywhere from 10 to 20 average days on market. We are still in a seller’s market, but this is good news for buyers.

If you are looking to buy or sell a home, or if you have any real estate-related questions, do not hesitate to reach out to me. I am always willing to help.