The real estate market in Washington, DC and surrounding areas are off to a good start for the new year. Home Prices are slowly on the rise, but at a much slower rate than what we saw this time in January 2018. At the end of 2018, mortgage rates hit a seven year high, but if you're a home buyer in 2019, no need to get discouraged, because the rates have since dropped.
You've been hearing this for a while now, and 2019 is no different. Inventory is still low - 917 homes in January to be exact, with the median price at around $589,000. If you're looking to buy, this could pose a challenge. The key is to stay realistic about what you are looking for. Working with an experienced, and strategic Realtor is your greatest advantage to increase your chances of getting into the home that you want.
Looking to sell? Even though the momentum has slowed slightly, it's never a bad time to sell. There are plenty of buyers out there looking to purchase in DC and surrounding areas. With the considerable amount of development happening throughout the city, and the addition of Amazon's HQ2, there are always going to be people looking to purchase a home or condo.
Want more detailed info on what's happening in the market in your neighborhood? Do you want to know the median home price for a certain corner of the city? Or, are you curious to know the current value of your home? Send us and email! We are always happy to help you get a better understanding on what's happening one your city!