Local Real Estate Market Update – March 2024
Spring has sprung in the Capitol Hill housing market!
We are thrilled to achieve contracts or close on a dozen homes for our Buyer and Seller clients in March – that’s a lot of happy clients (and new homeowners!)
What was the context for this March activity?
This matches seasonality trends, but a blend of other market forces also have an impact.
Two successive weeks of interest rates dropping. This prompted a rise in mortgage demand, up 6% and then 7% in two successive weeks in March. Demand remained flat since last week after rates bumped up slightly on March 21st; rates dropped slightly on March 28th to 6.79%.
As we reported in our February newsletter, the Federal Reserve met on March 20th to decide whether to stay, raise, or lower interest rates. They decided to hold rates and stood by their prediction to drop rates three times by the end of the year, assuming the economy remains strong.
Inventory increases on Capitol Hill. For fee simple homes so far in March, we see increased activity from February in 3 of the 4 categories tracked below: new listings (+52%), contracts/pending (+64%), and active homes (16.5%). [This percentage data compares February 1 – 27 against March 1 through 28).]
Are buyers tired of waiting, and making a move now on the RIGHT home, rather than letting rates dictate their plans?
Some buyers may still wait. Historically, lower rates means more competition for homes, which can drive up home prices. Our Buyer Agents are actively helping their buyers – including first-time home buyers – navigate the process and work with the best lenders with the best financial strategy to achieve their real estate goals.
Thinking about Buying? Selling? A move-up? An investment property?
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We study the data, so you don’t have to…
Pictured: Our listing near The Roost is a stunning 4-level home with rear parking! Tour this exceptionally renovated home (or skip ahead to the owner’s penthouse level with fireplace, wet bar, and River views!