Local Real Estate Market Update August 2023
JULY AND AUGUST ON CAPITOL HILL AND BEYOND
With constrained inventory, median home prices are up in Washington DC (up 4.8% from one year ago). Here on Capitol Hill, median sales prices are up 2.9% from July 2022 to July 2023, and well up from June as you see depicted below.
As we look at August 2023 numbers (through 8/29) in 20002 and 20003 for Fee Simple and Condo homes, we see a slowing of home activity from July, which is a typical trend in our area as home buyers and sellers pause their plans for vacation.
NEW LISTINGS: 103 vs. 121 in June
CONTRACT / PENDING: 43 vs 61 in June
CLOSED: 73 vs 83 in June
CONTRACT / PENDING: 43 vs 61 in June
CLOSED: 73 vs 83 in June
That said, if you are house hunting but waiting for rates to drop, or for inventory to increase, know that these events will trigger an increase in competition for homes. We strongly recommend consulting with one of our knowledgeable Buyer Agents on strategies for pursuing a home now that will make a great investment for your future. If you need to buy a home now, don’t wait — ASK US!
Meanwhile, our listing team is busy preparing a number of homes to launch in the coming weeks.
MORTGAGE RATES
The Fed raised interest rates in July, and is signaling for further increases to combat inflation, which they would like to see closer to 2% versus the current rate of 3.3%. Though inflation is down significantly from its 7% rate last summer, Fed chairman Jerome Powell states “We will proceed carefully as we decide whether to tighten further or, instead, to hold the policy rate constant and await further data,” as they balance the numbers from a strong consumer economy, housing data and unemployment. As the September decision approaches, we will keep you in the loop about impact the on the housing market on our social media channels (follow us on Facebook). You can also read this explainer on what impacts mortgage rates.
IF YOU ARE THINKING ABOUT BUYING OR SELLING, acquiring an investment property, or are simply curious about your current home’s value in this market, set up a consultation with Listing Expert Joel or one of our Buyer Agents.
Pictured: our listing at 334 South Carolina SE went under contract in just 2 days for $100k above asking price in August.
We study the data, so you don’t have to. We’d love to share our Real Know-How with you!
Call 202.243.7707 or email info@joelnelsongroup.com.