Market in a Minute & StatPak March 2024
We profile the most important market indicators every month - contract activity, interest rates, inventory, affordability and direction of the market - in an easy to read and digest summary. It's not just the numbers; it provides context to understand why the numbers are important and what they mean for the future of the market. Published for Northern Virginia, Loudoun County, Washington, DC, Montgomery County and Prince George's County. A quick summary of last month's contract activity is shown below. To see the complete "Market in a Minute" reports for each jurisdiction we cover, click on the corresponding links.
What's the Urgency Index?
This is simply the measure of the percentage of homes going under contract that were on the market 30 days or less, giving a sense of how quickly buyers feel they must act to put an offer on a home. To see your market's Urgency Index click the link to view the full report.
Northern Virginia
Contract activity in February 2024 was down 2.7% from February 2023 and was down for three price categories. Through the first two months of the year, contract activity is down 5.9%. The average number of days on the market for homes receiving contracts was 25 days in February 2024, down significantly from 35 days last February.
Loudoun County
Contract activity in February 2024 was up 0.6% from last February and was up for three price categories. Through the first two months of the year, contract activity is down 1.5%. The average number of days on the market for homes receiving contracts was 27 days in February 2024, down significantly from 33 days last February.
Montgomery County
Contract activity in February 2024 was up 4.1% from February 2023 and was up in four out of six price categories. Through the first two months of the year, contract activity is down 7.1%. The average number of days on the market for homes receiving contracts was 28 days in February 2024, down from 37 days in February 2023.
Prince George's County
Contract activity in February 2024 was up 6.5% from February 2023 and was up for four of the five price categories. Through the first two months of the year, contract activity is up 2.2%. The average number of days on the market for homes receiving contracts was 38 days in February 2024, down from 46 days last February.
Washington, DC
Contract activity in February 2024 was down 15.8% from February 2023 and was down in five out of six price categories. Through the first two months of the year, contract activity is down 16.4%. The average number of days on the market for homes receiving contracts was 55 days in February 2024, down from 68 days in February 2023.