The holiday season is fast approaching. What does this mean for our home buyers and sellers in the DC Metro area?
Basically, the cooldown in the market is accelerating. Slower sales activity means homes are staying on the market longer and inventory is rising.
Good news is that overall, we're seeing an inventory increase. However, on the other side of the coin is a 27% decrease compared to October last year, and a 9% decrease in the weekly bases so we still have a long way to go.
So far, all of these numbers are primarily caused by sellers delaying the listing process on the market, and that the holidays are just right around the corner.
On the other side of the news, out of every 100 new listings, 97 went pending which has been the trend for the past few weeks. That shows home sellers who are pricing their homes correctly are getting an offer in this market. Sales price are also up by 3.0% compared to Sept. 2021, so that's something to look forward. The bottom line is Interest rates of 7%, which pushes the monthly mortgage payment for a median-priced home 75% higher than last year. This means we will see further cool down.
New construction has been sluggish. Builders are open to negotiation, but the margins are still slim, so if you want to take your chances, make sure to reach out to a realtor for advice.
Rental market has cooled off after a double-digit increase for the past few months, which is one of the biggest highlights of this week's market as well.
Got any questions? Let me know in the comments, or DM me for more info!
#housingmarketreport #northernvirginia #dcmetroarea #knowledgeispower #thehelpfulrealtor #realestateknowledge #ritudesai #samsonproperties #dmvrealtor
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