The narrative of the regional housing market in recent months was one of high prices and little inventory, and January was no exception.
Home prices rose 7% in the DC region in January, according to a new report out today from Bright MLS. Prices increased in all but two local jurisdictions with Fairfax (12.9%) and DC (10.4%) leading the way.
"Prices in the region have been rising steadily since last summer and the median price is now 29% higher than it was in January 2019," the report stated.
The "golden handcuff" effect continues to weigh on the market, as homeowners who locked in low interest rates over the last five years have little incentive to list their homes when faced with buying a home at today's higher rates. Active listings dropping 5% compared to a year ago is a prime example of this effect.
"Showing activity and new pending sales were lower in January than they were last year, but that lower activity does not indicate a falling off of demand," the report said. "Rather, a lack of inventory continues to be the major constraint on the Washington, D.C. metro area housing market."
This article originally published at https://dc.urbanturf.com/articles/blog/new_month_same_story_home_prices_rise_in_dc_area_as_supply_suffers/21954.
Most Popular... This Week • Last 30 Days • Ever
The storied unit along P Street is now looking for a new owner.... read »
There are five projects in the works around Audi Field which could bring nearly thous... read »
The news anchor dropped the price for his sprawling DC home, but it still could set a... read »
DC is getting close to meeting Mayor Muriel Bowser's goal of producing 36,000 new ho... read »
The development pitched for the site of a Goodwill store in Arlington got the key app... read »
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!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro