Listings, Rates, Prices: What Shaped The DC-Area Housing Market in September
A month ago, UrbanTurf put out an article highlighting the three things that we thought would dictate the housing market in the DC region this fall: listing inventory, interest rates and home prices. It seems that article may have been prescient.
A report out this week from Bright MLS assessing the regional housing market in September found that home sales fell 19% compared to last year; the drop in sales was largely attributed to high mortgage rates and rising home prices.
story continues below
loading...story continues above
The median home price in the area last month was $550,000, up 3.5% compared to last year, following months when prices either declined or remained flat. In addition to prices, the lack of new listings coming to the market is hampering sales. In September, only 4,780 new listings came online, 33% lower than September 2022. And then there is also the situation with interest rates.
"Looking ahead, it seems more likely that mortgage rates may reach 8% rather than return to 6% in 2023," the report stated. "Elevated mortgage rates will limit future new listings as potential sellers cling to their homes with locked-in rates that are half of what we are seeing today."
See other articles related to: dc housing market, dc housing market trends
This article originally published at https://dc.urbanturf.com/articles/blog/listings_rates_prices_shape_dc-area_housing_market_in_september/21562.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- The Price For A House in The DC Area Hit A New High in April
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
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
Unique Spaces
Awesome and unusual real estate from across the DC Metro