Wondering what's happening with real estate in Washington DC? Here are the numbers for January 2023.
Notice that New Listings and Pending Sales are up this month over last month, but both are down compared to last year. Closed Sales are down from last month, and from last year. We often see a drop because of the winter holidays when people are busy and not buying homes in December.
Prices are down from last year as well as from last month to this month. While we generally see lower prices in Washington DC in January and February, this year sales decreased quickly and the prices began dropping faster and later.
There are a lot more active listings this January compared to the 5-year January Average which will means buyers have a lot to choose from and with properties staying on the market 40+ days, they are clearly taking their time choosing. And when they win they are paying an average of 95.8% of the original list price.
Now is a great time to searching form real estate in DC. Even with interest rates slightly elevated (they've been coming down) there is a lot to see, time to evaluate and sellers are negotiating on prices.
If you are looking to buy or sell in Washington DC, let me know and I'll run the numbers for the specific neighborhood or zip code. Real Estate is local. It's YOUR move, Give me a call to GET STARTED.
They are picking up now. We usually see things pick up a few weeks after the Super Bowl unless we have snow.