Market Update - DC Metro
Market Strong in the D.C. Metro, but very nuanced/ based on product.
List prices jump after a three-week pause.
List prices up 2.7% from last week to a median of $570,000. The median list price is up 3.7% compared to the same time a year ago.
More new listings hit the market during the first week of 2024.
There were 797 new listings in the DC Metro area this week. This number of new listings coming onto the market is up 143% compared to this time last week, but still down 6.9% from this time last year.
As predicted, pent up demand is driving prices as rates fall.
The Spring market is upon us and as rates tumbled, buyers returned to the market ready to secure housing in 2024. A single family home in Springfield, VA just this week fetched 32 total offers and bid up to over $100k over ask. If you are planning on making a change in 2024, please reach out to me to discuss a game plan to achieve your goals.