Check out our Mid-Week DMV Market Update! Here’s what you need to know:
Over the past five weeks, we've witnessed a steady rise in inventory levels across the DMV area. Since mid-February, the supply of available homes has been steadily increasing, with active listings seeing a 1.1% uptick from the previous week.
Despite the slight dip in new contracts compared to the same period last year, the market is showing resilience. As we gear up for the spring season, traditionally a time of heightened activity, we anticipate contract numbers to rebound, reflecting the usual uptick in buyer and seller engagements.
While the record list price of $420,000 remains unbroken, there's been a noteworthy 5.2% uptick in median list prices compared to this time last year. This suggests a robust demand for homes in the region, potentially influenced by various factors such as low mortgage rates and demographic shifts.
Want to learn more about what the current market trends mean for your buying or selling needs? Let's get in touch!
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