The semi-good news for condo sellers? Prices in the Washington area this past January dipped just 1.3 percent compared with January 2025, according to the multiple-listing service Bright MLS. The bad news? Just about everything else. Over the same time period, sales were down 22 percent. Listings now sit an average of 43 days, up from 32 last year.
Affordability is an issue. “For first-time buyers who want to make a low down payment, it’s not always cheaper to own than rent, especially with elevated interest rates and higher insurance costs,” says Morgan Knull, an associate broker with RE/MAX Gateway in DC. In some buildings, spiking monthly condo fees are exacerbating the squeeze felt by potential buyers. “They’ve increased a good bit in recent years due to the cost of everything from staff to management contracts to insurance going up,” says Sammy Dweck, an agent with TTR Sotheby’s International Realty in DC.
Also contributing to sluggish sales: Supply outpaces demand in some neighborhoods, especially where there’s a glut of new buildings—such as DC’s Trinidad and H Street corridor, Knull says. Add it all up, Dweck says, and condo sales are “especially tough right now.”…