December was the strongest evidence yet that the DC region is moving back to a buyers market for the first time in years.
Home prices in the DC area fell year-over-year in December, according to a Bright MLS report out Thursday, the first time since September 2016 that prices fell annually.
"The median sales price was $550,000, which was down 1.3% compared to last December," the report said. "Home prices peaked in May 2022 and the median price is now 15% below peak level."
Along with prices, home sales in the region fell significantly year-over-year and homes were staying on the market for a median of 22 days, ten days higher than December 2021.
While the aforementioned statistics all point to a market that favors buyers, mortgage rates are still nearly double what they were just 12 months ago. However that could be changing in the coming months.
"Mortgage rates will stabilize and will start to come down slowly," the report stated. "At the same time, both buyers and sellers will begin to accept the 'new normal' of 6% rates, offers under list price, and greater buyer leverage."
This article originally published at https://dc.urbanturf.com/articles/blog/buyers_market_dc-area_home_prices_fall_for_first_time_in_six_years/20492.
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