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DC Metro Area Mid-Week Market Report | April 2024 Week 2

By
Real Estate Agent with Samson Properties VA0225077251

Welcome back to our mid-week market report, where we dive into the bustling real estate scene of the DC metro area and Northern Virginia. Let's cut to the chase and see what's been happening this week.

New Listings

The numbers are in, and they're telling us a story of significant activity. With a whopping 28% increase in new listings compared to this time last year, the DC metro housing market is buzzing with activity. But here's the kicker - these listings are getting snatched up faster than you can say "sold."

Showings

Showings are up by 25%, indicating a keen interest from potential buyers. It seems like everyone wants a piece of the action in our vibrant housing market.

Escalating Prices

Hold onto your hats, folks. In certain pockets of Northern Virginia, we're witnessing jaw-dropping escalations of over $300,000 above the original list price. That's right - bidding wars are heating up, driving prices to unprecedented levels.

Median Sales Prices Soar

The median sales price has taken flight, soaring by over 7% in certain areas compared to last year. And it's not slowing down - we've already seen a couple more percentage points added just in the first quarter of this year.

Investors Make a Comeback

Guess who's back? Investors are once again making their presence felt in our marketplace. However, it's not all sunshine and rainbows for landlords, as the rental market is showing signs of softening. Hang tight, landlords - it's going to be a slow ride for a while.

New Construction

Amidst all the excitement, new construction continues to drive the market forward, offering fresh opportunities for both buyers and sellers alike.

Feeling overwhelmed by all this information? Don't worry - I've got your back. If you have any questions about the DMV housing market, slide into my DMs, and I'll be happy to help!

 

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. 


 
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Ritu and thank you for sharing you market report with us here in the Rain.  Make it a great day!

 

Apr 10, 2024 11:43 AM
Ritu Desai 703-625-4949

Thank you, Will! Wishing you a great day.

Apr 11, 2024 08:00 AM
Patricia Kennedy
RLAH@properties - Washington, DC
Home in the Capital

Ritu, in this area there is almost no such thing as affordable housing!

Apr 10, 2024 06:54 PM
Ritu Desai 703-625-4949

Thanks for your insight, Patricia. Prices are up, indeed.

Apr 11, 2024 08:03 AM