KW Metro Center Q3 2018 Market Report
Many factors will drive the health of the market over the next few months. Seasonality will play a part in the fall/winter selling season but rising interest rates may actually offset sales in a positive manner in the near term. In addition, new construction declines will put upward pressure on resales and as our region continues to add jobs housing demands will rise. Expect sales to continue on a level of last year.
Northern VA: Average home sale prices have increased with the average sale price of $530,508. Unit sales have softened due to seasonality, inventory levels, and buyer trepidation. Still, homes that are priced right, show well and have the amenities buyers are looking for tend to sell very quickly. For example, Arlington townhome sales are up +42%.
Washington DC: DC home prices are at peak levels in over a decade, with continued moderate growth. Home sale prices were up 2.7% for the quarter, but unit sales continue to lag for the quarter. Inventory levels continue to increase which could impact short term home prices as supply out paces demand.
Contact me to find out how the market may impact buying or selling your home or investing in a rental property (marybeth@magnificentmanors.com | 703 – 798-1803)
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