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A daily look at the most significant and interesting stories affecting Washington, DC. Written by Chelsea Cirruzzo, Cuneyt Dil and Paige Hopkins.

Axios D.C. Thought Bubble

Axios D.C.

With pending home sales down 17.8% year-over-year, D.C.'s real estate market is showing early signs of slowing down. But median home prices are still up 7% from May 2021.

Why it matters: We keep hearing about a market crash, but so far local data doesn't support that claim. 

Yes, but: Monthly data show early signs of a cooler market, even if it's slight.

What’s happening: From May 2021 to May 2022, new listings were up 7.4% and pending sales were up 4.6%. 

Demand is leveling off. More buyers are holding off as home ownership becomes too expensive.

This comes after average mortgage rates surpassed 5% for the first time in 10 years. 

Zoom out: Mortgage applications nationally were down 24%, and 6.5% of sellers on average dropped their asking price each week in June, per Redfin’s latest market update.

In June, national pending home sales were down 13% from this time last year,  the largest decline since May 2020, Redfin reported. 

Be smart: Inventory overall is still critically low, which continues to push home prices up. 

What we’re watching: New listings and pending sales. If more listings flood the market this summer and buyers don’t bite, that’s when we would start to see more power shift to buyers' hands.

Bottom line: We’re not seeing major changes in D.C. just yet, but we're starting to see early signs of a cooling market. 

D.C.'s real estate market is cooling, slightly

We keep hearing about a market crash, but so far, local data doesn't support that claim.

Illustration of a downward trend line over a house

Washington, D.C.

With pending home sales down 17.8% year-over-year, D.C.&#x27;s real estate market is showing early signs of slowing down. But median home prices are <a class="gtmContentClick" data-vars-link-text="still up 7%" data-vars-click-url="https://www.redfin.com/news/data-center/" data-vars-content-id="18087fe2-711e-4d15-80a4-ebd074734f4b" data-vars-headline="D.C.&#x27;s real estate market is cooling, slightly" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/data-center/" target="_blank">still up 7%</a> from May 2021.Why it matters: We keep hearing about a market crash, but so far local data doesn&#x27;t support that claim.

Real Estate

The D.C. metro area's real estate market is starting to level off, according to the latest data from Redfin/MLS, Axios’ Brianna Crane writes.

Why it matters: After more than two years of plummeting inventory and high prices, homebuyers in the D.C. area have waited a long time for a little relief.

Yes, but: Mortgage rates started to surge in May and have since fluctuated between 6-7%, making monthly mortgage payments more expensive than they were a year ago.

By the numbers: Median home sales prices dropped from $554,000 in May to $515,000 in October, and inventory is up 15.7% since May. 

Homes also sat on the market three times longer. 

Homes sold in 12 days on average in May. In October, the average home sold in 36 days.

Half as many homes have sold above list price, 30.3% in October, compared to 61.2% in May.

In October, 32.7% of listings dropped their list price, up nine percentage points since May.

What we're watching: A reprieve might be on the way. Home prices are expected to start dropping nationwide, Axios' Matt Phillips writes. 

Existing home sales have fallen for nine straight months, and the supply of single-family homes is growing. With mortgage rates near 7%, experts say a large-scale housing slowdown is becoming increasingly likely.

Buying a home in D.C. is easier, but not cheaper

The real estate market is slowing down, but prices have remained high.

An 'Under Contract' sign outside of a D.C. townhome.

D.C. homes are sitting on the market longer now than they were over the summer. Photo: Andrew Harrer/Bloomberg via Getty Images

The D.C. metro area&#x27;s real estate market is starting to level off, according to the <a class="gtmContentClick" data-vars-link-text="latest data" data-vars-click-url="https://www.redfin.com/news/data-center/" data-vars-content-id="474659f6-5ed3-4d11-969b-ad132910dd2f" data-vars-headline="Buying a home in D.C. is easier, but not cheaper" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/data-center/" target="_blank">latest data</a> from Redfin/MLS, Axios’ Brianna Crane writes.Why it matters: After more than two years of plummeting inventory and high prices, homebuyers in the D.C. area have waited a long time for a little relief.

From a one-bedroom listed at $375,000 to a $2.2 million rowhouse, this week's hot homes roundup runs the gamut. 

Why we love it: This cozy one bedroom has been recently updated with a beautiful new kitchen and bathroom.

Specs: 1 bedroom, 1 bathroom, 400 square feet.

Features: Wood floors, in-unit washer and dryer, close to Metro, curb appeal.

Why we love it: With its thick crown molding, bamboo floors, and new fixtures and finishes, this townhouse feels warm and modern. 

Specs: 2 bedrooms, 3 bathrooms, 1,488 square feet.

Listed by: Gayle Damelin and Eva Damelin at KW Metro Center

Features: Assigned parking and additional parking permit, fully fenced-in outdoor space, lots of built-in storage.

Why we love it: A custom kitchen, modern light fixtures, and a fenced-in yard are just a few things to love about this modern townhouse. 

Specs: 3 bedrooms, 2 bathrooms, 1,344 square feet.

Features: End unit, finished basement, list price lowered by $10K. 

Why we love it: With four bedrooms plus additional flex space, this light-filled home was made for a family or those who like to host. 

Specs: 4 bedrooms, 2 bathrooms, 1,926 square feet.

Features: Fenced-in yard with driveway, fresh neutral paint throughout, charming covered front porch.

Why we love it: This house checks all of the boxes with its spacious open kitchen, large backyard, and charming curb appeal.

Specs: 4 bedrooms, 3 bathrooms, 2,408 square feet.

Listed by: Kate Christofides at CENTURY 21 New Millennium

Features: $45K price drop, wraparound deck, walking distance from YMCA, schools, and parks. 

Why we love it: From the curb appeal to the bay windows to the charming outdoor entertaining space, this 1890 home oozes luxury.

Specs: 4 bedrooms, 4.5 bathrooms, 2,800 square feet.

Listed by: Jenn Smira and Marc Ross at Compass

Features: Fireplace and wet bar in the living room, guest suite with its own kitchen, picturesque façade.

Hot homes: 6 for sale in the D.C. area starting at $375K

From a one-bed listed at $375,000 to a $2.2 million row home, this week's hot homes roundup runs the gamut.

1775 Church St. NW #2; Photo courtesy of Carlos Espinoza

From a one-bedroom listed at $375,000 to a $2.2 million rowhouse, this week&#x27;s hot homes roundup runs the gamut.

D.C. metro-area housing inventory has steadily increased over the last few months, which means more gems are coming to market. 

Here are a few for sale right now that caught our eye.

Why we love it: A formal dining room, three closets, and an in-unit washer/dryer make this spacious one-bed condo a steal.

Specs: 1 bedroom, 1 bathroom, 700 square feet

Features: High ceilings, hardwood floors, pet friendly 

one-bed condo in dc with high ceilings, wood floors and an arched doorway

one-bedroom dc condo's formal dining room with rattan light fixture

Why we love it: Large windows, hardwood floors, French doors, a cozy fireplace, and 12.7-foot ceilings give this 1925 beauty so much character. 

Specs: 2 bedrooms, 1 bathroom, 1,006 square feet

Listed by:  Lindy Gelb at TTR Sotheby's International Realty

Features: Walking distance to nature trails, in-unit washer/dryer, deeded garage parking space

Why we love it: This stylish townhouse has a fresh modern look, with funky light fixtures, a sleek galley kitchen, and pops of color throughout. 

Specs: 2 bedrooms, 1.5 bathrooms, 1,126 square feet

Features: Fenced-in patio, walkable to Metro, lower-level laundry room/flex space

Why we love it: The ornate exterior window casings drew me in, and the built-ins and classic tiled bathroom sealed the deal. 

Specs: 2 bedrooms, 2 bathrooms, 1,200 square feet

Listed by: Crystal Crittenden and Jackie Sink at Compass

Features: Small backyard, curb appeal, partial basement with extra storage 

Why we love it: This home has tasteful finishes throughout, but the star of the show is the dreamy primary suite. It has high ceilings, a fireplace flanked by built-ins, and a spa-like ensuite bath. 

Specs: 3 bedrooms, 3.5 bathrooms, 2,280 square feet

Features: Charming streetscape, private brick patio, two assigned parking spots

Hot homes: 5 DC-area houses for sale starting at $245k

D.C. metro-area housing inventory has steadily increased over the last few months, which means more gems are coming to market.

838 New Hampshire Ave. NW. Photo courtesy of Redfin

D.C. metro-area housing inventory has <a class="gtmContentClick" data-vars-link-text="steadily increased" data-vars-click-url="https://public.tableau.com/shared/8NTMHFHQC?:showVizHome=no" data-vars-content-id="c8adc38b-9073-467c-8797-7ffb6fa8c6f7" data-vars-headline="Hot homes: 5 DC-area houses for sale starting at $245k" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://public.tableau.com/shared/8NTMHFHQC?:showVizHome=no" target="_blank">steadily increased</a> over the last few months, which means more gems are coming to market. <ul><li>Here are a few for sale right now that caught our eye.</li></ul>

This 405-square-foot Carolina on the Hill charmer has one bedroom and one bathroom. 

The address is 101 N. Carolina Ave. SE #104. 

There's an open house from noon to 2pm on Sunday, Feb. 12. 

Design: Soaring ceilings and bright, neutral paint make this compact condo feel fresh and open. 

The U-shaped kitchen has rich wood cabinets, black granite cabinets, and modern stainless steel appliances. 

The last update was in 2018, listing agent Ned Kraemer tells Axios. 

Maximizing tiny: The open space across from the kitchen currently has a bookshelf and breakfast bar. 

This setup gives you more storage and a space to work from home or eat. 

By the numbers: This unit is listed at $319,000, and the condo fees are $390 a month. 

Other highlights: Carolina on the Hill is walking distance from the Capitol, bars and restaurants, Whole Foods, and Trader Joe's.

The pet-friendly building has a laundry room and a communal garden with a patio and grill.

Photo: Kevin Carney, courtesy of Ned Kraemer 

This stylish Capitol Hill condo is $319K

See inside this 405-square-foot Capitol Hill charmer.

This 405-square-foot Carolina on the Hill charmer has one bedroom and one bathroom. <ul><li>The address is <a class="gtmContentClick" data-vars-link-text="101 N. Carolina Ave. SE #104" data-vars-click-url="https://www.compass.com/listing/101-north-carolina-avenue-southeast-unit-104-washington-dc-20003/1228369880967887601/" data-vars-content-id="f1ec466e-9064-4945-bc68-2f99de9a91b1" data-vars-headline="This stylish Capitol Hill condo is $319K" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.compass.com/listing/101-north-carolina-avenue-southeast-unit-104-washington-dc-20003/1228369880967887601/" target="_blank">101 N. Carolina Ave. SE #104</a>. </li><li>There&#x27;s an open house from noon to 2pm on Sunday, Feb. 12. </li></ul>

Brianna Crane

Featured stories

This stylish Capitol Hill condo is $319K

Buying a home in D.C. is easier, but not cheaper

Hot homes: 5 DC-area houses for sale starting at $245k

D.C.'s real estate market is cooling, slightly

Hot homes: 6 for sale in the D.C. area starting at $375K