There’s No Place Like Home July Market Update
Washington DC REAL ESTATE – JULY MARKET UPDATE
Our late spring market carried into June and July, with enticing mortgage rates hovering around 3%, spurring buyer interest despite the pandemic conditions that appear set to stretch on into the foreseeable future.
As DC residents spend more time inside and possibly, more time working from home, both first-time buyers and move-up buyers are evaluating their criteria for their next home:
- sufficient space to work from home, school from home
- outdoor spaces suitable for family time, or social distancing
- flexible use of lower levels, bedrooms and dens
- proximity to green or outdoor spaces
Washington DC – JULY Numbers
Sellers who may have paused their listing plans came off the sidelines in May and June; most inventory was quickly snapped up in JULY. A few data points from across the District of Columbia:
(CLICK HERE TO ZOOM) Source: BRIGHT MLS
Capitol Hill (20002, 20003) JUNE Numbers
Given the low inventory and attractive interest rates, median prices increased. This was true in DC and especially here on Capitol Hill.
Here are the JUNE 2020 numbers for 20002 and 20003 (vs. JUNE 2019)
* Both 20002 and 20003 saw 13% increase in median list price from June 2019
* 20002 saw 11% decline in inventory; 20003 saw 4% decline in inventory from June 2019
* 20002 homes achieved 99.9% of list price averaging 26 DOM
* 20003 homes achieved 100.3% of list price averaging 15 DOM
Joel Nelson Group Results Show Consistency Despite Pandemic
By comparison for June, Joel Nelson Group achieved 101.3% of list price averaging 10 DOM (median 6 days!)
Joel Nelson Group continues to work smarter (and safer) to ensure our clients’ success! Despite the challenges posed by the uncertainties during this pandemic, our ability to quickly adapt and deploy SAFE practices with innovative online solutions means that our YTD 2020 Listing Numbers are remarkably consistent:
- Median List Price for JNG Listings: 100%
- Median Days on Market: 4.5
Thinking about your next real estate move? Our team is prepared to help you navigate your options successfully — and safely.