The DMV Housing Market in February 2023: What You Need to Know

As we navigate through these uncertain times, one of the most commonly asked questions is, "What’s the housing market going to do in 2023?" While we can’t predict the future, we can report on what happened in the DC Metro Area real estate market in January 2023. In this article, we'll take a closer look at the trends we saw over the course of the month and what they could mean for buyers and sellers.

Market Overview

The DC Metro Area real estate market has been hot for several years, and January 2023 was no exception. While we saw a slight shift in the market, it’s still a great time to buy and sell a home.

1. Median Sales Price

In January 2023, the median sales price in the DMV was $604k, which is up 9.8% from $550k in December 2022. This upward trend in home prices has been consistent over the past few years, and it's a great sign for sellers. However, we'll need to keep an eye on this trend for the next 30 days to see if it continues or if it plateaus.

2. Average Days on Market

The average days on market for a home to accept an offer in January 2023 was 37, up almost a whole week from 31 days in December 2022. Homes are taking a little longer to sell, which could be a good thing for buyers as it gives them more time to make an offer on a home they love.

3. Months of Inventory

The months of inventory in January 2023 was 3.2 months, up from 0.7 months of inventory in December 2022. This officially shifted our real estate market from a seller's market to a neutral, more balanced housing market.

What Does This Mean for Buyers and Sellers?

If you’re a homebuyer with a home to sell, a neutral balanced market is good as it gives you more time to prepare your home to sell, and more time to find the home you want to buy. If you're a homebuyer, you can expect to see more homes stay on the market longer than before. The best homes will still receive multiple offers, but gone are the days of having to appraise and inspect the home. We're starting to see more buyers able to get more favorable price and terms in this market today.

How We Can Help You

Are you a homebuyer looking to purchase a home in the next few months? Don't wait! Our EXCLUSIVE VIP buyer program can get you access to homes before the average buyer sees them online! With our program, you’ll be more likely to beat out other buyers to the best homes. We can help you find your dream home at the best price and with the least amount of hassle.

In fact, we helped one of our VIP Buyers beat out 23 other offers in Rockville last month, and another VIP Buyer of ours was able to save $10k when they bought their dream home in Frederick, MD. We can do the same for you. Click the link below to learn how you can find your dream home at the best price and with the least amount of hassle.

Conclusion

While we can’t predict the future, we can certainly report on what's happening in the DMV real estate market right now. January 2023 saw a slight shift in the market, but it's still a great time to buy and sell a home. If you're looking to buy or sell a home in the DMV, don't hesitate to contact us. We'd be happy to help you navigate the current DMV housing market in 2023.

FAQ

1. Is now a good time to buy a home in the DC Metro Area? Answer: While prices are still going up, the market has shifted to a more balanced state, giving homebuyers more time to find their dream home and negotiate favorable prices and terms. It's a good time to buy if you're prepared and have the right resources.

2. How can I beat out other buyers in a competitive market? Answer: Joining an exclusive VIP buyer program can give you access to homes before they hit the market and help you beat out other buyers. This program can also provide you with valuable resources and guidance to navigate a competitive market.

3. What is a neutral balanced housing market? Answer: A neutral balanced housing market means that there is an equal number of homes for sale and buyers looking to purchase them. This type of market usually leads to more stable prices and less pressure on both buyers and sellers.

4. How can I prepare my home to sell in a neutral balanced housing market? Answer: In a neutral balanced housing market, it's important to focus on making your home stand out from the rest. This can include staging your home, making necessary repairs, and pricing it competitively. Working with a real estate agent can also be helpful in guiding you through the process.

5. What should I do if I have further questions about real estate in the DC Metro Area? Answer: If you have further questions or need support in navigating the real estate market in the DC Metro Area, you can reach out to a local real estate agent or join an exclusive VIP buyer program for personalized assistance.