Local Real Estate Market Update – Jan 2024
With mortgage rates stabilizing in the mid-6% range throughout January, there was an 8% increase in mortgage applications last week. According to Freddie Mac, “Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”
Anecdotally from dozens of our JNG open houses, our agents are seeing a strong return of buyers to the market. While some buyers are just getting started, others indicate that they are ready to buy. Our own Buyer Expert Paul Legere, was interviewed for this CNBC article, noting that his open houses are the busiest he’s seen in the last year.
“Similar report from my co-worker,” he added. “Even…during torrential rain, we both had over 10 groups of active shoppers. These were people that had been in the market and had slowed or put their search on hold and are coming back, earnestly looking for a new property.”
Will inventory pick up ahead of the traditionally busy spring market? Home prices in Washington DC Metro were up 8.1% in December of 2023 from the previous year due largely to limited inventory. So far in January, weekly New Listings were steady in 20002 (41 new) and 20003 (12 new); we expect those numbers to increase as we approach Spring.
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