Every fall, I hear some version of the same question: Is this a good time to buy, or should I wait? Sellers are asking their own version: Did I miss the market, or can I still sell well?
My honest answer is that it depends on where you are, what type of home you are buying or selling, and what is happening in that particular neighborhood. Right now, a condo in DC, a detached home in Burke, and a renovated property in Upper Northwest DC can have three very different experiences—even during the same week.
What the latest numbers show
According to the Bright MLS August 2026 Housing Market Report, 3,872 homes sold across the Washington metro area in August, down 9.2% from a year earlier. New pending sales fell 11.5%, while active inventory increased 11.3%.
Yet the median sold price rose 2.4% to $640,000.
So while it may appear that the market is slowing, it's not experiencing a broad collapse in value. Buyers have more choices in some areas, while sellers have less room for error. Conditions vary considerably by property type and location.
Where buyers have more opportunity
The condo market offers one of the clearest examples. Across the DC metro, condo inventory increased 28.2% year over year, while the median time on market rose from 25 to 34 days. Closed condo sales declined 22.7%, and the median condo price fell 5.7% to $386,500.
For buyers, that can mean more time to compare properties and more room to negotiate price, closing costs, repairs, or a mortgage-rate buydown. But more inventory does not automatically make every condo a good purchase. I still advise buyers to look carefully at the monthly fee, reserve funding, insurance, pending assessments, and the overall financial health of the building.
Longer market times may also create opportunities beyond condos, particularly for homes that need updating or were priced too aggressively when they first came on the market.
Still, buyers should not assume every property will sit. A well-priced, move-in-ready detached home in Burke, Upper Northwest DC, or another sought-after neighborhood can still attract multiple offers. Preparation matters. Buyers should know their numbers, understand their priorities, and be ready to act when the right home appears—without feeling pressured to rush into the wrong one.
What Buyers are Including in Their Offers
The terms buyers and sellers are agreeing to tell us just as much as the sales numbers.
A snapshot of more than 300 contracts in August (about 80% single-family homes and 20% condos), provided by KVS Title, found that 22% were cash purchases, up from 15% in July. That is a reminder that well-positioned buyers can still face strong competition.
At the same time, financed buyers are keeping more protections in place. Financing contingencies appeared in 78% of financed contracts, while 77% of all contracts included a home-inspection contingency and 53% included an appraisal contingency. Roughly one in five contracts also included an upfront seller subsidy.
To me, that's the clearest picture of this market: competition has not disappeared, but buyers are increasingly able to protect themselves and, in some transactions, ask sellers for help.
Because this is a limited contract sample rather than the entire DMV market, I view it as a useful on-the-ground indicator, not a universal rule for every offer. So for my buyers and sellers, the conversation is specific to their subject property of interest.
What sellers need to know
Buyers are being more selective.
Detached-home inventory across the region was slightly lower than it was a year ago, and the median detached-home price held at $835,000. Sellers in neighborhoods with limited inventory may still be in a strong position, especially if their home is well maintained, thoughtfully updated, and difficult to replicate. I still see competition in cities like Burke and Fairfax in Virginia, for example.
But pricing and presentation matter more than they did a few years ago. When buyers have alternatives, a home that starts too high can lose valuable early momentum. I would rather position a property correctly from the beginning than spend weeks chasing the market with price reductions.
The condo market is a bit tougher for sellers at the moment but that doesn't mean they can't sell successfully. The marketing must clearly show why the home is the better choice. Renovations, natural light, outdoor space, parking, storage, layout, building finances, and location all matter, but buyers should not have to work hard to understand the difference.
Rates are still part of the conversation
On September 16, the Federal Reserve raised its benchmark rate by a quarter percentage point, bringing the federal funds target range to 3.75%–4.00%. It was the Fed’s first rate increase since July 2023.
The decision came after mortgage rates had already been moving higher, reinforcing the affordability pressures buyers and sellers are feeling.
The latest Freddie Mac weekly survey put the average 30-year fixed rate at 6.76% as of September 10. A separate daily national measure from Bankrate was 7.02% on September 16, showing how quickly the market has shifted and why an individual buyer’s actual quote may differ.
For buyers, waiting for the “perfect” rate is not a complete strategy because prices and competition may change too. The more useful question is whether the payment, cash needed to close, and expected length of ownership make sense, and whether a seller-paid rate buydown could improve the numbers.
For sellers, understanding how buyers are likely to finance the purchase can help shape decisions about pricing and concessions. In some cases, help with a rate buydown may be more meaningful to a buyer than a modest price reduction.
The bottom line
There's no single DMV housing market.
Buyers may find meaningful opportunities in condos, homes that have been sitting, and properties that need work. Sellers may still have leverage when they own a well-positioned home in a sought-after neighborhood with limited competition.
The regional numbers provide context, but I always bring the conversation back to the specific home, neighborhood, price range, and family involved. That is where the clearest decisions are made.
If you're wondering what today’s market means for your address, your buying plans, or a family housing transition, I'm always glad to talk it through.
No pressure. Just clarity about where you stand and what your next step could look like.
