What we’re seeing in the DC metro real estate market

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.😄

Liz Gillette
Liz Gillette
liz@mainstreetplanning.com

Liz has tackled her own path to financial freedom, paying off student loan debt & medical bills, and consequently acquired a passion for empowering other women and men to transform their fiscal lives. Her aspiration is to bring clarity and simplicity to personal finance while aligning clients’ unique personal values to their spending.

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