T
he D.C. region's housing market is shifting in favor of buyers and becoming more challenging for sellers. In May, closed sales dropped 6.5% from the previous year, while active listings surged 41.6%. Homes took an average of two days longer to sell.

    However, not all areas are experiencing a slowdown equally. Northern Virginia and Arlington seem to be holding up well, with District of Columbia condominiums being the weakest link. Larger, family-sized houses in close-in neighborhoods up to $1.5 million are seeing significant demand.

    In some areas, prices are still rising. The median home price in Alexandria increased 7.9% from last year, while Arlington County saw a 11.5% jump. However, the District's median price rose only 2.2%, with closed sales plummeting 16%.

    For sellers, Corey Burr of TTR Sotheby's advises resetting expectations. "Buyers will pay what they're willing to pay, not what your neighbors got six or 18 months ago," he said. Burr recommends listing properties at a lower price than their realistic value, then expecting buyers to bid up the price.

    Despite slower sales, buyers are still active. Showings by real estate agents increased 2.3% from last year, and pending sales rose 3.5%.