A question that often arises in conversation about the market is whether it's a seller's
market or buyer's market, when in reality it's much more nuanced than that. Yes, the
inventory limits have created demand that have skewed in the favor of sellers over
the past 5 years, but a recent slow shift in home prices has occurred over the past
two quarters. What's most telling is that this is happening across all home types in
almost all micro markets. Over the past month, the median sale price has leveled off
for single homes, townhomes, and condos across the region. Factor all this in, and
we're seeing a bit of a plateau. Consider this: the median sale price for the entire
region for all transactions for September ($600,500) to a year ago this time
($599,000). The numbers really paint a picture when the trends are consistent across
the spectrum.
Maybe it's a more balanced market taking form? Activity has not slowed, as
transactions continued to take place at a higher rate. As mentioned before, a shifting
mindset with buyers has had an effect overall. The market tends to move slowly, but
trends can taken form quickly. As you're considering your plans for the last quarter of
the year and beyond, do your best to stay on these trends to reach your goals on your
terms.
DC Metro Area Monthly Market Update
New activity in pending sales slowed a bit compared to last year in September, but
took a slight jump from August. Perhaps most interesting, new listings also saw an
impressive +23% jump from August, and homes have stayed on the market a bit more
as buyers feel slight leverage in their direction. The median sales price took a slight
dip from August, but is still up 3% YTD at just under $630,000.
For the full comprehensive report, click below.
Monthly Regional Market Data Reports
Comprehensive reports available available upon direct request or by signing up
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If you or someone you know has any real estate questions or would like to have a
private conversation about listing your home for sale or the buying process, reach
out directly anytime for assistance.
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