More homes hit the market across DMV as prices cool
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Illustration: Aïda Amer/Axios
Some good news for wanna-be DMV home buyers: House inventory is up across the region, and prices seem to be stalling, according to Bright MLS' latest report.
Why it matters: It's another indicator of a softening market in Washington amid government cuts, President Trump's crackdown and the ongoing shutdown.
By the numbers: The number of new D.C.-area listings posted last week was up 8.6% compared to a year ago, while new listings for the mid-Atlantic at large were basically flat.
- NoVA's seeing the biggest inventory spikes — specifically in Alexandria, up 35.9%, and Arlington, 31.9%.
Meanwhile, the median list price for a Washington home last week — $575,000 — was almost flat compared to a year ago, and year-over-year price jumps have been slowing in recent weeks, per the report.
- This could suggest that sellers are tweaking their asking prices to meet the market, or that homes are hitting the market with smaller price tags, says Bright.
The intrigue: While buyers are still active across Washington, the District seems to still be in the slump that started during the crackdown.
- New purchase contracts in D.C. dropped 5.3% year-over-year, and new listings were down 1.3%.
What we're watching: If the federal shutdown stretches on, it could mean fewer buyers, more listings, and maybe price drops, says the report.
- But that would mean more picks for buyers, plus negotiating wiggle room.
💭 Thought bubble: In my nightly, pre-Unisom-kicking-in Zillow scrolling, I've been surprised to see some houses hitting the market that seem a little cheaper than they'd normally be.
- OK, OK — this is still D.C., so "cheap" is probably the wrong word here. You'll likely still be forking over at least a million bucks for a house in Northwest, but maybe with smaller numbers behind that first comma.