• Combined new contract activity fell from 1,120 contracts last year to 845 this year, a decline of 275 contracts, or 24.6%. Every jurisdiction experienced a double-digit decline, with Loudoun and Prince William posting particularly sharp decreases.
• The regional weighted average days on market actually improved, falling from 44.2 days to 41.7 days, a decrease of 2.5 days, or 5.8%.
• Four of the six jurisdictions recorded shorter marketing times. That provides a welcome counterpoint to an otherwise difficult report, although it doesn't erase the weakness in contract volume.
• Year-to-date, the region has recorded 40,601 contracts compared with 41,268 last year, a decline of 667 contracts, or 1.6%. The cumulative decline is growing, but remains substantially smaller than the recent weekly drops.

• We can officially retire the Labor Day explanation.
• The calendar certainly distorted the comparison two weeks ago, but subsequent reports have confirmed that the slowdown is real. This week's 24.6% decline is particularly discouraging because the weakness extends across virtually every jurisdiction and price category.
• Northern Virginia declined 23.8%, with activity below $750,000 falling 23.1% and higher-priced contracts declining 24.3%. Montgomery County experienced a similarly broad slowdown, with total contracts down 27.8%.
• Loudoun and Prince William had especially difficult weeks, declining 37.6% and 32.0%, respectively. Even Prince William, which has consistently demonstrated relative strength throughout 2026, hasn't escaped the late-summer slowdown.
• Prince George's County and Washington, DC experienced smaller, though still substantial, declines of 15.4% and 14.8%.
• There were a few isolated bright spots. Northern Virginia's under-$300,000 category increased 27.3%, while Washington, DC recorded gains in both the $1 million–$1.5 million and $1.5 million-plus categories. Those pockets of strength are encouraging, but they aren't enough to change the broader picture.
• The more interesting story is days on market. Loudoun's average fell from 44.7 to 29.1 days, Prince George's improved from 55.5 to 41.2 days, and Washington, DC declined from 68.3 to 61.1 days. Northern Virginia was essentially unchanged.
• Montgomery and Prince William moved in the opposite direction, experiencing moderately longer marketing times.
• Combined, and weighted by each jurisdiction's contract activity, the regional average declined 5.8%.
• That's a striking result alongside a nearly 25% reduction in contracts. It suggests that the homes attracting buyers are still moving reasonably quickly, even as fewer transactions occur overall.
• There is an important qualification: days on market measures homes that actually went under contract. It doesn't tell us how long unsold listings have been sitting. We shouldn't mistake faster sales among successful listings for proof that overall demand remains unchanged.
• Nevertheless, it reinforces an important distinction. The number of transactions has fallen much more dramatically than the speed at which successful transactions are occurring.
• And while the region is now 1.6% behind last year's cumulative contract activity, that longer-term comparison remains considerably less severe than the recent weekly reports.
• The market has clearly lost momentum. But the year-to-date numbers remind us that a difficult August and September don't define the entire year.

Weekly new contract activity

• Northern Virginia 362 276 -23.8%
• Loudoun County 109 68 -37.6%
• Prince William County 128 87 -32.0%
• Montgomery County 223 161 -27.8%
• Prince George's County 156 132 -15.4%
• Washington, DC 142 121 -14.8%
• Combined 1,120 845 -24.6%

Average days on market

• Northern Virginia 34.5 34.6 +0.3%
• Loudoun County 44.7 29.1 -34.9%
• Prince William County 40.1 41.5 +3.5%
• Montgomery County 39.0 45.1 +15.6%
• Prince George's County 55.5 41.2 -25.8%
• Washington, DC 68.3 61.1 -10.5%
• Combined weighted average 44.2 41.7 -5.8%

Combined year-to-date new contracts: 41,268 in 2025 versus 40,601 in 2026, a decline of 667 contracts (-1.6%).

The clouds have clearly gathered over the Metro DC housing market, and there's little reason to pretend otherwise. August's weakness has carried into September, and the latest numbers suggest buyers remain cautious.

But the market continues to offer an interesting contradiction: substantially fewer contracts, yet shorter marketing times for the homes finding buyers.

Perhaps the best description is that the market has lost volume without losing all its velocity. We'd certainly prefer to see both moving in the right direction, but for now, that distinction offers at least a little sunshine through the clouds.