Fall 2021 Real Estate Market Update
WHAT TO MAKE OF THE FALL MARKET
Fall Market By the Numbers
As we noted in our October news, while days on market was slightly longer (with some exceptions like our listing at 1029 10th St NE), the Fall Market felt more like a traditional, pre-pandemic market. Overall, DC has seen a 15% increase in home sales in 2021 compared to a spiky 2020 pandemic market. October offered a tight supply of inventory (2.32 months supply of active listings), which helped drive up sold prices, with $705,000 the highest median home price on record in Washington DC.
Our Buyer Agents STILL found success for their Buyers, paying particular attention to lingering listings, or helping first-time home buyers in the local condo market (nationally, first-time home buyers accounted for 29% of all October home sales). Our Listing Team found great success for our SELLERS as well, with our steady stream of October listings bettering DC’s median of 12 days, selling in 5 fewer days on average!
“It looks like the housing market is remaining strong, resilient and one may even say, (had) something like a mini surge, not the big one we saw last year,” said Lawrence Yun, the National Association of Realtor’s chief economist. Continued job growth and rising, but still historically low mortgage rates (around 3%) are helping to drive home sales, according to Yun.
What Does This Mean for Your Plans in 2022?
We are currently actively advising our clients on near- and long-term real estate goals. Some questions to consider as you head into the new year:
* Have a short or long list of renovation plans based on spending more time at home? Better to renovate or move-up?
* Based on your current home equity, can you make a move-up and rent your current home? Or is it better to sell now? Have you considered finding a new investment property with multiple units to live in while earning rent on other unit(s)?
* If you are currently renting, are you ready to start building equity and take the big step into home ownership? What can you afford, and in what neighborhoods?
Ready to Chat with Your Neighborhood Experts?
Contact us to set up a personalized consultation to discuss YOUR home goals and best possible timing to make your next move in the market! We can’t wait to share our real know-how with you (or refer us to your colleagues, friends and neighbors)!