DC Multifamily Sales Volume Surpasses 2025 Total

The Washington, D.C., multifamily market has shown further signs of stabilization as the pace of new deliveries has slowed, coinciding with easing employment losses, according to a recent report by Northmarq.

Investment activity strengthened in the third quarter, with 16 properties trading for $1.8 billion, pushing year-to-date volume above the 2025 total. The year-to-date median sale price is $297,800 per unit. Regional vacancy declined 10 basis points to 5.7%, the first quarterly decline in more than a year, though it remains 60 basis points above one year ago.

Asking rents were unchanged from the second quarter but remain down 0.8% year-over-year. Northern Virginia rents were nearly flat from a year ago, and the decline in Class A rents has narrowed. How broad the recovery becomes regionally will depend on the District and Suburban Maryland, where trades include smaller and older assets and where vacancy has eased for two straight quarters, but rents are still falling.