Smith | Schnider

  • Services
  • Projects
  • Contact
  • News
  • Careers
Facebook
Linked In
Menu

Subscribe To Get News & Updates



    Recent Posts

    • Smith Schnider Unites with Urban Pace to Form Leading New Home Sales, Leasing, and Advisory Services Firm in the Mid-Atlantic Region
      In Market News
      April 17, 2024
    • UrbanTurf: A First Look at 12 One-of-a-Kind Condominiums in Shaw
      In Market News
      September 21, 2023
    • Home & Design featuring The Collection at R Street
      In Market News, Smith | Schnider News
      July 13, 2023
    • Home
    • Latest News
    • May 2020: Dwindling Supply Incites Buyer Calamity
    Market News Smith | Schnider News Jun 18, 2020

    May 2020: Dwindling Supply Incites Buyer Calamity

    Washington, DC
    The District was not too far off from the rest of the Metro Area, with prices continuing to rise while supply remains at historic lows. Median sales price reached a record-high $660,000 for May, outperforming initial expectations. Incidentally, due to limited supply, sales fell almost 40% YoY for DC – distributed equally among detached single-family homes, townhomes, and condominiums.

    Arlington & Fairfax County, VA
    Arlington and Fairfax County’s market activity followed the same trend with median sales prices reaching $622,500 and $575,000 respectively. Each of the counties saw a dip in closed sales of over 30% from this time last year, with condominium product seeing the most significant drop-off within those jurisdictions.

    COVID-19 continues to be a bit of a rollercoaster as the market has begun its return to normalcy. We expect supply to begin rising as we enter the end of the summer and sellers begin to cope with the current state of affairs, becoming more comfortable putting their house on the market and initiating their next stage of move up/move down.  In the meantime, we see new construction product, particularly middle-market homes, to stand to benefit the most from the current landscape. Although seller confidence has yet to recover, we’ve seen no dampening of buyer demand and expect this to continue until we being to shift to a more balanced market.

    Arlington, VA Office
    875 N Randolph St suite c,
    Arlington, VA 22203
    703.282.9266

    • Services
    • Projects
    • Contact
    FOLLOW US

    Get the latest news & insights


    © Copyright Smith Schnider 2025

    Prices, included features and availability are subject to change without notice. Site map

    DIGITAL ALCHEMY
    • Services
    • Projects
    • Contact
    • News
    • Careers
    Linked In
    • 888 North Quincy Street | Arlington, VA 22203
      703.935.1218