Home | Newsletter | Advertise
loading...

The DC-Area Housing Market Felt the Full Effect of High Interest Rates in November

  • December 12th 2022

by UrbanTurf Staff

homes-cap-hill.jpeg
Homes on Capitol Hill.

As interest rates headed north in November, home sales in the DC region went in the opposite direction. 

The latest report from Bright MLS on the regional housing market finds that there were 3,671 home sales in November, a 42% drop compared to a year ago. It is the lowest sales volume for the month of November in a decade.

"In November, the number of new pending sales was down by more than 40% compared to last year," the report stated. "The biggest year-over-year declines were in Falls Church City, VA (-61.5%) and Arlington County, VA (-50.7%)."

nov-stats.jpg

The drop in home sales activity can largely be attributed to mortgage rates rising above 7%, but a lack of new listings hitting the market is also to blame. 

"A bigger factor is a lack of inventory which remains significantly below normal levels and affordability challenges that continue to price some buyers out of the market," the report stated. 

Home sellers are adjusting their prices in reaction to the current climate of the market. While the median home price in the area was up slightly in November, prices were down year-over-year in DC proper, Arlington and Alexandria. 

See other articles related to: dc area housing market, dc home prices, dc housing market

This article originally published at https://dc.urbanturf.com/articles/blog/the_dc-area_housing_market_in_november_felt_the_full_effect_of_high_interes/20404.

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