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Real Estate Market Conditions in Northern Virginia, D.C., and Maryland
Manage episode 241708603 series 1322715
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For this market update, I’ve compiled the data from the Northern Virginia, D.C., and Maryland real estate markets because all of the numbers are so similar. Here’s what you need to know.
Let’s start by looking at what the real estate market is doing today. The median sold price in the D.C. Metro is up by 2.91%. Although there is a 17% appreciation rate right now in Arlington, it’s from a much smaller sample size.
The average days on market is down by 18.97%—from 58 days to 47 days. You might think 47 days is a long time, but this statistic takes into account luxury homes, which typically take much longer to sell.
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For attached units such as condos and townhomes, their closed units are down 3.27%. The sales for detached units, or single-family homes, is up by 3.07%. Our inventory remains at an all-time low.
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Our inventory remains at an all-time low, sales have remained steady, and homes are still appreciating at a steady pace. Affordability, however, has taken a bit of a toll on the market as well as an uncertain economic future.
Keep in mind that most recessions are typically good for real estate markets. With the exception of the last recession, which was caused by real estate, home prices have appreciated during recessions many times in the past.
If you have any questions for me about the market or about real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
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