September 2021 Real Estate Update

Bright MLS Real Estate

Monthly Market Report for September 2021

Data as of October 6, 2021

Washington, DC Market Key Findings

The Bright MLS T3 Home Demand Index for the Washington Metro market area rose nearly six percent in September to 129, reading in the Moderate range. Although demand rose over the month, the index was more than nine percent lower than it was a year earlier.

Demand was High for all segments except lower-priced single-family homes. There was a significant increase in demand in September for higher-priced single-family homes and higher-priced condos. Demand for lower-priced condos and townhouses rose marginally as well.

Inventory levels remained tight, ranging from 1.4 months of supply for mid-priced single-family homes to 3.8 months of supply for higher-priced condos. The months’ supply for each type of home rose in September.

September 2021 Closed Sales

  • September 2021 home sales in the Washington DC region were down 9.8% compared to September 2020; however,through September, the number of sales year-to-date is up 19.4% over last year.
  • Sales activity dipped 10.8% between August and September, which was slightly better than the typical August-to-September slowdown.
  • Single-family detached home sales were down 12.2% compared to a year ago. The number of townhomes sold was down 3.4% and condo sales were off by 10.5% compared to September 2020.
  • Home sales were down in most jurisdictions across the region, but the steepest decline in home sales activity occurred in the District of Columbia, where the number of home sales was off by 27.2% compared to a year ago.

September 2021 Median Sales Price

  • The median sales price in the Washington DC region was $515,000 in September 2021, a 2.4% increase over September 2020.
  • While home prices continue to rise, the pace of price growth has slowed considerably in the region.
  • The average sold-to-list price ratio compares to average sold price in the region to the average list price. In the DC Metro area, the average sold-to-list price ratio was 100.7% for the month, steady with August.
  • Across the region, the median price of a single-family home increased 3.2% compared to a year ago. Townhome prices rose 5.0%, while condo prices were up 4.5%.
  • Median sales prices fell in some jurisdictions in the Washington DC region, including Arlington County (-9.2%) and the District of Columbia (-4.1%). These year-over-year price declines could reflect the changing mix of housing market activity, with more condos and townhomes this September compared to last year.
  • Price growth was strongest in some Maryland suburban communities, including Frederick County (+13.3%) and Prince George’s County (+12.8%).

September 2021 New Pending Sales

  • September pending sales retreated -3.7% from last month, in line with typical seasonal patterns. Compared to a year ago, the number of pending sales dropped by 2.2%.
  • Pending sales were down for all housing types in the Washington DC region. Compared to September 2020, the number of pending single-family sales was off by 4.3%. Pending sales were down by 3.0% and 5.4% for townhomes and condos, respectively.
  • While pending sales tend to slow between August and September, home buyer interest was up significantly in Arlington County and the District of Columbia, where the number of new pending sales increased by more than 20% between August and September.

September 2021 New Listings

  • New listings continue to grow in the Washington DC region. There was a total of 9,193 new listings during the month, a 4.5% increase over a year ago.
  • The number of homes listed for sale typically rises between August and September. This month, new listings were up 15.1% compared to August, a slightly stronger August-to-September bump.
  • There was a big surge in the number of townhomes coming onto the market. In September, new listings of townhomes was up 15.6% compared to last year at this time. The number of new single-family listings was 1.6% higher than a year ago, and new condo listings trailed last September by 0.7%.
  • New listings were rising in most of the region’s jurisdictions. The number of monthly new listings in the District of Columbia reached a ten-year overall record in September.

September 2021 Median Days on Market

  • In the Washington DC region, the median days on market was 10 in September 2021, which is 3 days more than a year ago and an increase of 2 days over last month.
  • More than half of all homes sold in the Washington DC region (52%) sold in 10 days or less.
  • Homes stayed on the market the longest in the City of Falls Church, where the median days on market in September was 22. Homes sold most quickly in Frederick County, at a median of 6 days.

September 2021 Showings

  • Showings are confirmed showing appointment requests as recorded through Showing Time, Bright’s scheduling tool. Showing activity in the Washington DC region was down 13.3% in September 2021 compared to last September. However, after five consecutive months of month-to-month declines in showings, the number of showings increased slightly regionwide between August and September.
  • Showings were up year-over-year in Arlington County (+6.7%), City of Fairfax (+19.4%), and City of Falls Church (+27.3%), reversing a slowdown in these close-in jurisdictions. There was also a surge in showings between August and September in the District of Columbia and Arlington County.

Washington, DC Metro Closed Sales

Washington, DC Metro Ten Year Trends


About the DC Metro Housing Market Update

The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in ShowingTime’s proprietary database. The DC Metro Area housing market includes: Alexandria City, Arlington County, Fairfax City, Fairfax County, Falls Church City, Frederick County (MD). Loudoun County, Montgomery County, Prince George’s County, Washington, D.C.

Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.

About Bright MLS

About Bright MLS Bright MLS’s real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia. As a leading multiple listing service (MLS), Bright supports over 95,000 real estate professionals who in turn serve the more than 20 million homeowners in our footprint. In 2020, Bright’s customers facilitated $116.3B in real estate transactions through our system. For more information, please visit www.brightmls.com.