March 2022 Real Estate Update

Bright MLS Real Estate

 Data as of April 6, 2022

Washington, DC Market Key Findings 

 If March is an indication of this year’s spring market, DC buyers will need to dig a little deeper into their pockets. The median sales price was off only -1% from the all-time high set at the peak of last year’s spring market. Also, days on the market are already at the all-time low set during last year’s historic spring. Although sellers are putting homes up for sale, year-over-year inventory levels still aren’t rising. 

However, there are more signs that this year’s spring market will be different. Buyers are less active than last year, as fewer properties up for sale and record-high prices early in the buying season contributed to declining showing volume. Also, there are early signs that rising interest rates may impact the market, as there was more available inventory left up for sale at the end of March than in February.

March 2022 Median Sales Price 

If March is an indication of this year’s spring market, DC buyers will need to dig a little bit deeper into their pockets. The median sales price was only -1% off from the all-time high set in June ’21 – the peak of last year’s spring market. 

  • With the median price of a new listing up 11% year over year, buyers should expect little relief in the short term. 
  • Sellers reaped the benefits in March, pulling in 101.4% of their asking price – suggesting buyer bidding wars took place. 
  • DC County single-family homes remained at all-time high $1M+ ($1.3 M), – up 14% from last month. 
  • In Northern Virginia, median sales prices landed at all-time highs. Alexandria single-family homes remained above $1M for the second straight month ($1.17M). Detached home prices in Fairfax County (916.0K, +13% year over year) and Loudoun ($915.0K, +16%) grew by double-digits.

March 2022 Closed Sales 

  • With buyer activity on the rise, year-over-year declines slowed compared to the last three months. 
  • Prince George’s County townhomes sales (281) pulled ahead of last year by 27%. 
  • Northern Virginia single-family homes dipped -by 1% from last March, as gains in Loudoun County (274, +2.2% YOY) helped keep activity near last year. 

March 2022 Active Inventory 

  • While buyers are busy, there are early signs that rising interest rates may be impacting the market. 
  • There was more available inventory at month-end: active listing volume rose 22% month to month – the largest percent gain on record. 
  • Several counties increased active townhome listings, with DC up 29% year over year (335). 

March 2022 New Pending Sales 

  • High prices, lower inventory, and rising interest rates factored into double-digit declines across all property types from last year. 
  • Seasonally, new pending home sales are on pace with the springtime norm, rising 28% from February. 
  • A bright spot for the month: Prince George’s County townhomes rose 14% year over year (303 new pending). 

March 2022 New Listings 

  • Although sellers are putting homes up for sale for the season, year-over-year inventory levels overall still aren’t rising. Volume tracked under a year ago for five of the last six months. However, spring market activity is on track. New listings rose by 40% month-to-month, typical for March. 
  • Townhome new listings increased 1% from a year ago. DC proper new listings added 488 townhomes (+10% from last year), with Prince George’s seeing 354 new listings (+33%).

March 2022 Median Days on Market 

  • In an indication of potentially bullish sales ahead, days on the market returned to the all-time lows set during last year’s historic spring. 
  • Townhomes in the VA suburbs moved off-market in less than a week, with Loudoun units under contract in 4 days.

March 2022 Showings 

  • Fewer properties up for sale, rising prices and lower buyer demand compared to a year ago contributed to lower showing volume. 
  • The Bright | T3 Home Demand Index fell -19% from last March as inventory tightened. The reduced inventory buyers gave fewer chances to look at properties. 
  • Showings didn’t come back at their usual seasonal pace. While March 2022’s volume rose 21% from February, it was below last year’s 28% or March 2019’s 36% month-to-month gain. 

Washington, DC Metro Closed Sales 

Washington, DC Metro Ten Year Trends 

Median Sales Price by Housing Type 

Months of Supply 

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