Weekly Meter

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.

D.M.V. Contract Activity

The Market Took a Vacation

If last week hinted at a summer slowdown, this week confirmed it.

Contract activity softened considerably across the Metro DC region, with five of the six jurisdictions posting declines. The lone bright spot was Prince William County, which continued its remarkable run as one of the region's strongest-performing markets. The silver lining? Even with fewer contracts, homes that went under contract were selling in about the same amount of time—and in fact, a bit faster overall—than they did a year ago.

Key Takeaways

Total new contract activity across the six major jurisdictions fell from 1,043 contracts last year to 890 this year, a decline of 153 contracts, or 14.7%.
Prince William County was the only jurisdiction to post an increase, rising from 101 to 109 contracts (+7.9%). The other five jurisdictions all moved lower, including a 33.3% decline in Loudoun County and a 25.5% decline in Prince George's County.
Despite the softer sales activity, the weighted average days on market actually improved slightly, falling from 43.5 days to 41.8 days, a decline of 1.7 days, or 3.9%.
Year-to-date, the market remains on positive footing in four of the six jurisdictions. Northern Virginia (+2.6%), Prince William (+8.9%), Montgomery County (+3.4%), and Prince George's County (+0.2%) all continue to outpace last year.

Why It Matters

This was undoubtedly a difficult week for contract activity, but the story isn't entirely negative.
The widespread nature of the slowdown suggests we're looking at broader market forces rather than isolated local issues. August has historically been one of the slowest periods of the year, and with mortgage rates hovering at their highest levels in roughly a year, it's not surprising that some buyers have pressed the pause button.
The encouraging news is what didn't happen. If demand were deteriorating significantly, we'd expect homes to linger on the market much longer before finding buyers.
Instead, the opposite occurred. The regional weighted average days on market actually improved by nearly 4%, suggesting that while fewer buyers are writing contracts, those who remain active are still making decisions relatively quickly.
Prince William County continues to stand out. It was the only jurisdiction to post a weekly increase, and its year-to-date contract activity is now 8.9% ahead of last year, by far the strongest performance in the metro area. Affordability continues to be a significant advantage there.
Loudoun had the toughest week, with contracts down one-third from last year. Montgomery and Prince George's also posted notable declines, while Northern Virginia's 3.1% decline was comparatively modest.
The broader takeaway remains much the same as it's been throughout the summer: activity has slowed, but the market hasn't stalled. Buyers are simply being more selective and more sensitive to affordability than they were earlier in the year.

The Real Estate Details

CONTRACT ACTIVITY SUMMARY

Blue Ridge Contract Activity

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

Even the Heartbeat Slowed Down

For the first time in quite a while, both the Virginia Countryside and the West Virginia Panhandle moved in the same direction—and unfortunately, it wasn't up.

After months of taking turns carrying the market, both jurisdictions posted declines in contract activity. Yet, much like the Metro DC market, there's an encouraging counterpoint: homes that found buyers actually sold faster than they did a year ago.

Key Takeaways

Combined contract activity declined from 171 contracts to 154, a decrease of 17 contracts, or 9.9%.
Virginia Countryside: 87 → 78 (-10.3%)
West Virginia Panhandle: 84 → 76 (-9.5%)
Despite fewer contracts, the weighted average days on market improved significantly, falling from 50.3 days to 42.8 days—a decline of 7.5 days, or 14.9%.
Combined year-to-date contract activity remains healthy, increasing from 5,756 to 6,036, a gain of 280 contracts (+4.9%).

Why It Matters

This week's report marks a rare departure from the pattern we've been joking about all year.
Usually, one side of our "heartbeat" is pumping while the other catches its breath. This week, both chambers decided to rest at the same time.
Even so, the bigger story isn't the decline in contracts—it's what happened to market times.
Despite nearly a 10% drop in weekly activity, buyers who did purchase homes moved more quickly than they did last year. The Virginia Countryside saw average days on market fall from 52.8 to 41.9 days, while the Panhandle improved from 47.8 to 43.7 days.
That's an encouraging signal. It suggests that demand hasn't disappeared; rather, there were simply fewer buyers in the market during a traditionally slower August week.
The year-to-date numbers reinforce that conclusion. The Virginia Countryside remains 3.9% ahead of last year, while the Panhandle is 5.8% ahead. Together they're running 4.9% above last year's pace—a healthy result considering the headwinds of higher mortgage rates and seasonal slowing.

The Real Estate Details