Outlook for 2021 DC Real Estate Market
25 January 2021 Real Estate Know How/News 0
Despite EVERYTHING, 2020 once again proved the resilience of the Washington DC real estate market, including Capitol Hill. Despite the pandemic, market demand remained, particularly in the 2nd half of the year, and low rates spurred an uptick in median sold price throughout the District.
So what is the OUTLOOK for 2021?
- Mortgage rates ticked up slightly on 1/21 to 2.77%. Compare that to 3.65% one year ago. Experts predict that rates will remain low in the first half of 2021 – but don’t wait too long! Many experts agree that rates will be inch up toward the end of the year closer to or above 3%.
- 2021 should be a robust year for home sales, hopefully without the volatility we saw in Spring 2020 due to the pandemic. Buyers who delayed their purchase based on 2020 uncertainty may re-enter the market, so expect continued competition for inventory. While this may drive up prices in certain neighborhoods, our expert Buyer Agents are guiding their clients to pre-market opportunities, competitive bids, as well as ‘undiscovered’ neighborhoods where there are still great values to be found.
What move is right for you?
Whether you are pondering a renovation vs a move-up, shifting to less space or one-floor living, or possibly an investment property, Joel Nelson Group expert listing + buyer agents are here to help! We KNOW the market and as your trusted neighborhood experts, we can guide you as well as connect with you the best in the industry with our extensive networks. TALK TO US about your real estate goals – we want to help you succeed!