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DC Metro Market Update: April 2024 Week 3

By
Real Estate Agent with Samson Properties VA0225077251

Let's jump right into the latest scoop on the DMV housing scene. Things are buzzing across the board, with condos taking a breather. The snag? Interest rates are giving buyers a run for their money, but the luxury market ($1.2m to $1.5m) is still sizzling, from cash deals to hefty down payments.

Who's in the mix? Many buyers are cashing in on equity or upgrading to dream homes. Surprisingly, 39% of homeowners nationwide are mortgage-free, eyeing luxury digs.

Hold tight - Fannie Mae predicts a steady 6% interest rate ahead. Waiting for a dip? Don't hold your breath, at least for 2024. Meanwhile, median home prices are soaring, and days on the market are ticking away.

But here's the kicker - inventory is on the rise. Options aplenty for buyers, though properties fly off the shelves, often by Monday or Tuesday. And guess what? Price cuts are making a comeback, a rarity in recent years.

Need more info, or got any questions about the DMV housing market? Let's team up - DM me or comment below to get started!

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.