Interest Rates in the DC Real Estate Market
What’s Going on With Interest Rates?
With all of the advance warnings and predictions telling us that interest rates will continue to rise, it remains a great time to purchase a home. Whether you are looking for your first home, are new to the DC area, or are looking to upgrade your current housing situation, here are a few things to note (as of August 17, 2018):
- After rising slightly over the summer, interest rates dipped for the 2nd week in a row in August.
- Year over year, interest rates are only 0.5% higher than they were one year ago
- With no rate hike on August 1st, the Federal Reserve has indicated it still plans to raise rates two more times this year.
The key take-away? Money is still very affordable to borrow, so it’s a great time to invest in the local DC real estate market. Contact us to discuss your real estate needs.
What’s Going on in the DC Real Estate Market?
With July 2018 numbers posted, the “inside-the-beltway” DC single family home market continues to hold steady on inventory, median sales price, and number of days on the market. Here are some key highlights:
- July 2018 showed the 27th consecutive month of year-over-year declines in available properties
- 5,223 properties went to closing in July 2018, up 1.3% from July 2017
- Sellers averaged 98.6% of original listing price.
- See what we sold this summer!
Low inventory continues to create a competitive market for buyers. While areas around the country are seeing housing prices drop, things seem to be holding steady in the District. The recent drop in interest rates will spur some motivated buyers to get moving quickly.
It’s an excellent time to sell your home, or, to think about upgrading to a different home. We can talk you through how to navigate this process and move quickly.
Also, check out the latest ‘The Market Minute’ with Joel Nelson for more real estate news tailored for the D.C. market.