Curious about the real estate Market?
Since I'm getting tons of questions about it, I think you are! The deluge of news about interest rates and recession have made many buyers take a pause. Let's take a look at what's been happening in Maryland in the month of December.
When you look at December 2022 compared to December 2021, you'll notice that the number of homes that sold is down by 41.9% which is a significant difference. The average sales price is about the same as a year ago increasing by only 0.2%.
It appears that the number of homes under contract, the number of active listings, and the number of new listings are all down which means that we will likely see closings down in the next month or two. In addition, the median days on market has increased from 10 to 16, so homes are taking longer to sell.
The good news is that mortgage interest rates have come down a bit this month and housing prices have been holding, even as we see ourselves in a more balanced market. And though we're not at a full Buyer's Market yet, buyers are winning offers with contingencies, including home inspections.
The market in individual neighborhoods varies, so if you'd like to see stats in DC, Northern Virginia, or your neighborhood, text or call me at 202.271.5301.
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