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DC Metro Area Mid-Week Market Report | March 2024 Week 4

By
Real Estate Agent with Samson Properties VA0225077251

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!

 

 

Posted by

 
                             
Associate Broker
MRP, ABR, ePRO

NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 
Residential real estate agent serving Northern Virginia in Fairfax & Loudoun county over a decade and almost $100+M in sales volume experience. 


 
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Good morning Ritu. Inventory levels rising, demand steady and the sky is blue. Things looking good in your area. A jolt would be a drop in interest rates. Enjoy your day.

Mar 28, 2024 03:56 AM
Ritu Desai 703-625-4949

Thank you for your insights, Wayne! I wish you a productive week.

Apr 09, 2024 10:46 AM
Michael Elliott
Fathom Realty - Burlington Township, NJ
Burlington, New Jersey Residential Sales

Wow, sounds like a very robust marketplace.  Stay busy.

Mar 28, 2024 04:28 AM
Ritu Desai 703-625-4949

Thanks, Michael! It has been pretty busy indeed.

Apr 09, 2024 10:45 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

thank you for the market update.  i love following other markets. Thanks for sharing and enjoy your week!

Bill Salvatore, Realtor- Arizona Elite Properties

Mar 28, 2024 05:13 AM
Ritu Desai 703-625-4949

Thank you, Bill! Have a great day ahead!

Apr 09, 2024 10:45 AM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Thank you for taking the time to prepare and share this report.  This is perfect for buyers and sellers trying to make sense of the market!

Apr 01, 2024 08:16 AM
Ritu Desai 703-625-4949

Thank you so much, Jim! I hope you have a great day.

Apr 09, 2024 10:45 AM