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  • Writer's pictureCarmen Fontecilla

The DMV Housing Market in 2023: Challenges, Opportunities, and What's Next

As a real estate agent in the DMV area, I can provide some insights from the local market. While there have been some challenges in recent months, there are still plenty of opportunities for buyers and sellers.

One particularly relevant statistic to our market is the number of pending home sales, which measures the number of properties that are under contract but have not yet closed.

According to the most recent data from MRIS, pending sales in the DMV region were down 16% compared to last year. This decrease in pending sales can be tied to rising interest rates and increased uncertainty in the market.

Another essential metric to consider is the days on the market, which represents the time it takes for a property to sell. Currently, the average days on the market in the DMV region is 41 days, up from last year's 33 days. This increase in days on the market can be attributed to lower buyer demand and the ongoing inventory shortage.

Despite these challenges, there are still opportunities for buyers and sellers in the DMV market. While higher than last year, interest rates are still relatively low from a historical perspective, which can make buying a home more affordable for some buyers. Additionally, inventory levels remain tight, creating opportunities for motivated sellers willing to negotiate on price and terms.

Another statistic is the number of homes sold above or below the asking price. According to recent data from REDFIN, 26% of homes in the DMV region sold above the asking price in August, down from last year's 40%. This decrease in homes sold above the asking price can be a positive sign for buyers, indicating they may have more negotiation leverage.

Regarding buyer demand, it's important to note that there is still interest in the DMV region. While we may not see the same level of competition as last year, there are still buyers in the market, and many are highly motivated.

Overall, while the DMV market is facing some challenges, there are still plenty of opportunities for both buyers and sellers. As your real estate agent, I'm dedicated to helping you navigate these changes and find the best solutions for your needs.


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