Home | Newsletter | Advertise
loading...

Are We In A Buyer's Market?

  • July 2nd 2024

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

dupont21st550.jpg
Rowhomes in Dupont Circle.

The housing market in the DC region is in a bit of a weird place. Record home prices and high interest rates are putting a damper on some buyer demand, and the supply of homes for sale is rising notably.

With these metrics in mind, UrbanTurf reached out to Bright MLS chief economist Lisa Sturtevant to see if she thought the market might be headed in favor of homebuyers:

We have definitely seen an uptick in new listings and a bit of a pullback in buyer activity. And it is true that buyers that remain in the market have more leverage than they used to. More sellers are offering concessions to buyers, including closing costs assistance and funds for repairs.

But by traditional measures of “buyers markets” and “sellers markets”, we are still way off from it being a buyers market. At the end of May, there was just 1.81 months of supply in the DC metro area. Generally, between 4 and 6 months of supply is considered a “balanced” market. Above that is a buyers market and below that is a sellers market. Only the District itself is in the “balanced market” range.

So while I don’t think we are truly in a buyers market here in the DC region, the buyers who are able to handle high mortgage rates and still-high prices will be able to negotiate far more than they have been able to over the past few years.

See other articles related to: buyers market

This article originally published at https://dc.urbanturf.com/articles/blog/a-buyers-market/22479.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse