Local Real Estate Market Update November 2023
Mortgage Rates Ease in November
Welcome relief came for buyers as mortgage rates fell for four straight weeks in November, now a half-point lower than their peak of 7.79% at the end of October. See latest rates here. As inflation cools, the Feds paused interest rate hikes for the second straight month in November, bringing welcome news to borrowers.
As we like to remind our Buyer clients, now is always the right time to buy the right house, and if you are working with an informed Buyer Agent like our great team of Alan, Paul and Chris, they can guide you every step of the way.
The Local Market – Update
Across the District in November, activity slowed, following a typical trend cycle for Fall as the holidays approach and the year winds down. The median sold price in October inside Washington DC was $678,500, up 4.4% from the previous year, and up for 5 straight months in 2023. Across the DC area, median prices for October were up 3.3%, at $568,000.
Here’s a look at the NOVEMBER numbers so far for 20002 and 20003 for both FEE SIMPLE and CONDO homes.
Fee Simple Homes (Nov 1 – 28)
CONDOS (Nov 1 – 28)
It’s not too early to start planning for 2024!
Reach out to Joel or the Buyer team to discuss the market on your block, in your neighborhood, and what it means for your real estate goals. 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: A rendering of 601 Massachusetts Avenue NE, a new luxury build from SCHMIDT Development, now under construction at Stanton Park! Learn more here.