Local Real Estate Market Update – Feb 2024

Local Real Estate Market Update – Feb 2024

Early Spring Market? Early Signs…

We are encouraged by several signs of a market uptick so far in 2024. Across the mid-Atlantic region “[f]or the week ending February 25, there were 4,866 new listings in the Bright MLS service area, up 6.9% from last year at this time.” Here in the District, Open Houses aren’t just busy with casual browsers; many buyers are actively searching for a home, based on conversations had with visitors. Inventory seems to be picking up slowly – perhaps bringing an early spring market – but mortgage rates have crept toward 7% in the last few weeks after stabilizing in the mid-6% range in January, which could dampen some buyer interest.

The next potential opportunity for to adjust interest rates is March 20th, when the FOMC (Federal Open Markets Commission) will determine whether to hold, hike, or drop rates in response to reducing inflation to their target mark of 2%. Some market experts believe there is a 63.5% chance Feds will drop interest rates, which would in turn influence an easing of mortgage rates. For more information, read this market outlook summary from Forbes.

Here’s how the CONDO + Fee SIMPLE homes market looked across Capitol Hill in February.










Thinking about Buying? Selling? A move-up? An investment property?

Try our Tools to Get Started
What’s My Home Worth?
Find My Dream Home

We’d love to share our Real Know-How with you! 
Call 202.243.7707 to set up a FREE CONSULTATION today!
We study the data, so you don’t have to…

Pictured: Our listing at 705 Kentucky Ave SE offers a complete builder transformation, with beautiful craftsmanship and custom features.  Tour now!