The D.C. Metro real estate market remains strong in the most recent data released by ShowingTime featuring October sales data.
Buyers are still seeing stiff competition and sales prices have continued to rise. Fortunately, in recent months more listings have come to the market easing some of that supply/demand imbalance. Sales data has shown that buyer demand has been strongest on single family homes and those with more square footage and outdoor space — due largely to the pandemic.
Some take-aways on the State of the DMV Housing Market:
- Home prices are up year-over-year: The region’s median sales price is now $510,000 — up 10.9% year-over-year. For the first time ever, the median home price in October for a single family home in Washington, D.C. reached over $1,000,000.
- Housing inventory is finally rising vs 2019 and sales are up: The number of closed sales in October is up 24.3% over last year and the number of new listings is also up nearly 25%. Hopefully this will ease some of the pricing pressure on buyers, as sellers are respond to higher values by listing their homes for sale in the coming months.
- Properties are selling quicker: The median days on the market for properties has decreased by 4 days since the beginning of the year to just 7 days on the market. Buyers need to be able to act quickly because homes are selling quickly, often in under a week.
- Lower interest rates are fueling strong buyer demand: Buyers have more buying power due to lower monthly payments. 30-year fixed rate mortgages at the end of October averaged 2.84% for well-qualified borrowers. That’s down from 3.69% a year ago and about $190/month in savings at the median DMV home price — or $68K less in payments over the life of the loan.
Real estate markets are hyper-localized. If you want to know what the market looks like in your neighborhood, reach out and consult one of our Realtors. Or learn more ways for Buyers to get an edge on our Home Buyer Tips Blog.