What we’re seeing in the DC metro real estate market
Strong demand + low rates + low inventory = happy sellers, exasperated buyers.
Resale supply is at a 10+ year low. Down 52% since March 2020. Meanwhile, resale demand is up 14% compared to March 2020.
Resale median days on market is less than 7 days (nationally that number is closer to 18 days). Average sales price to average listing price is above 100% for the first time in more than 10 years. Oh, there’s an unprecedented number of cash buyers.
The top two reasons prospective buyers aren’t making an offer on a property.
- Already multiple offers
- Price too high
If you’re a buyer looking for some good news, here’s what I’ve got. The Chief Economist at The National Association of Realtors tweeted, “There are more NAR members than the number of listings – a very rare occurrence.” As agents compete for listings, this could represent an opportunity for you to pay reduced commissions.
Source: National Association of Realtors
To update you on my current home purchase journey, I’m still waiting in short sale limbo.😄