Local Real Estate Market Update June 2023

Local Real Estate Market Update June 2023

What’s going on so far in the June market?

Some good news for BUYERS, as mortgage rates eased 2 weeks in a row following the Fed’s decision to halt interest rate hikes in June. On the flip side, higher rates have an impact on the generally lower inventories we are seeing compared to previous years.

“With inventory so low and many homeowners reluctant to give up their extremely low mortgage rates, everyone is wondering where new listings are going to come from,” said Bright MLS chief economist Lisa Sturtevant.

As you can see in the graphic above, which focuses on 20002 (BLUE) and 20003 (RED), 2023 inventory has increased monthly since March for both Fee Simple and Condo homes. The latest June numbers (as of 6/27/23) show another increasing month-to-month trend in inventory:

The good news for SELLERS? Across Washington DC, average ($982,120) list price is up in June (data through June 27th), as compared to BOTH last month and compared to June of 2022. Median list price ($640,000) is down slightly from May, but up strongly from June of 2022 ($599,000). Here is WTOP’s take on recent market activity in the mid-Atlantic region.

Of course for sellers, achieving desired home price and days on market depends on location, sometimes even down to the specific block.

Our amazing listing team just launched 3 homes last week (one is already under contract!), and our Buyer Agents are helping their Buyers compete strongly for the homes on the market. Let us know if you’d like to tour a home!
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.

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.