Washington, DC Real Estate Market Sees Sharp Price Decline Amid Tight Inventory
The real estate market in Washington, DC is experiencing a significant shift, with home prices dropping sharply by over 10% year-over-year. Despite this decline, the market remains competitive due to a decrease in available inventory. Active listings fell by 6% compared to the previous year, with only 992 new homes entering the market in May, marking a 10.8% drop from the previous year. This reduction in supply has provided some cushion for sellers, even as prices have softened. The median list price in DC fell to $550,000, a 10.6% decrease from the previous year, which is more pronounced than the national decline of 2.4%. However, the pace of home sales remains brisk, with homes selling in a median of 44 days, faster than the national average of 52 days. 
