Can you believe it? We are already more than halfway through 2018! So far this year the main takeaway from the real estate market has been low inventory (which we touched on in our 2018 Predictions). Housing prices have been on the rise and the houses that are on the market are going a lot quicker this year than last, which means it’s a great time for sellers.
- The average sold price across the DMV is UP from last year. DC did not see as big of a rise as Northern Virginia or Montgomery County.
- Sold to Original List Price ratios were also higher in all jurisdictions. Montgomery County took a large jump at 3.29% compared to last year while DC only saw a .69% increase.
- The only thing that went down? Days on market (DOM), which is excellent news for local homeowners. DOM improved significantly in Northern Virginia, down nearly 14% to 37 days. In the District, DOM saw no change.
The Bottom Line
For the most part, the market is similar to where it was at this time in 2017 with no major changes. Homes for sale in the close in metro area continue to move quickly if they are well prepared for market and priced right. Interest rates are on the rise. This time last year, they hovered around 3.9%. They are currently around 4.5% or higher! We are seeing a steady increase in rates and have heard rumors that they could be over 5% before the end of the year, which means now is the time to buy if you are thinking about a move!
Want more specific stats for your neighborhood? Let us know! We would be happy to provide them.
If you are thinking of a move, please reach out. Even if you’re not quite ready, we’re happy to chat. It’s never too early to start planning.