Weekly Meter

DC / MD / VA / WV

We compare contract activity for the same seven-day period of the previous year in Loudoun County, Prince William County, Northern Virginia, Washington, DC, and Prince George's County. These statistics are updated on a weekly basis. Sign up for our newsletter on the latest market data.

November 10 – 16

Year	Contracts	Days on Market
2024	955	37.7
2023	840	38.5
2022	857	44.1
2021	1,515	37.3
2020	1,503	25.1
2019	1,294	43.2

The Impact of Too-High Interest Rates Is Uneven

Contract activity for the week of November 10 - 16 , 2024 in the Metro DC area rose by 13.3% compared to the same seven-day period last year.

Key Takeaways

Four of the six jurisdictions we track posted increases in new contracts, while Prince George’s County and Washington, DC posted decreases.
While it’s encouraging that contract activity rose from this time last year, mortgage rates are two thirds of a point lower now.
But the persistently higher-than-we’d-like-to-see rates are clearly having an impact on contract activity for first-time homebuyers’ price ranges.

Why it Matters

In every jurisdiction, contract activity for homes priced under $750,000 under-performed higher priced homes.
Year-to-date, the number of contracts ratified for homes priced under $750K is down 0.7%, while activity above $750K is up 16.6

CONTRACT ACTIVITY SUMMARY

Blue Ridge Contract Activity

Shenandoah, Warren, Clarke, Fauquier, Frederick Counties, Winchester City, and West Virginia.

Wicked’s Movie Premier is Next Week – and Countryside and WV are Defying Gravity

Contract activity for the week of November 10 - 16 , 2024 in the Virginia Countryside and the West Virginia Panhandle area rose by 26.8% compared to the same seven-day period last year.

Key Takeaways

The real estate markets in Virginia’s Countryside and West Virginia’s Panhandle are truly defying gravity.
While the immediate DC metro area is generally doing . . . OK . . . the area’s more rural markets continue to see significant improvement in contract activity.
Year-to-date, contract activity in Countryside is up 15.7% and is up 17.7% in the Panhandle.
That compares to a 4.3% YTD increase in the close-in metro area.

Why it Matters

And unlike the more urban area, contract activity in these outer markets is now consistently tracking above the numbers we saw prior to the onset of COVID.
The urban markets are still lagging behind pre-2020 numbers.

CONTRACT ACTIVITY SUMMARY

November 10 – 16