What’s Going on in Our Housing Market?

Get a handle on the real estate market with these latest insights.

Whether you're considering buying or selling a home, staying informed about the current real estate market is crucial this summer:

1. Current inventory. The D.C. metro area has seen an increase in inventory, leading to more transactions for three consecutive months. As of the end of April, there were 56,569 active listings, a 21.8% increase compared to April 2023.

2. Sales and prices. Sales have also risen, with 4,518 homes sold in April, marking a 7.4% increase from April 2023. Home sale prices have seen a significant change, up 9.2% over the past year and 6.7% since March 2024.

3. Market trends. Despite the influx of inventory, it remains a seller's market. However, buyers now have more options available. An interesting trend is that 25% of buyers are cash buyers, many of whom are locals with equity in their current homes and sufficient savings, allowing them to purchase without a mortgage.

With this updated knowledge about the market, it's essential to work with a qualified real estate team to maximize your investment, home sale, or purchase experience. If you have any questions or need further assistance, feel free to reach out to us anytime by phone or email. We look forward to hearing from you!

Post a Comment