The Real Estate Market is Springing Up In the DC Metro Area!

The Real Estate Market is Springing Up In the DC Metro Area!
April 2021

April showers bring a “springy” real estate market! The spring market started slowly, but over the past two weeks, across the DC Metro Area*, we’ve seen quite a change! Compared to the past two previous weeks, the number of new listings almost doubled with a 49% increase, average days on market has decreased to almost half with a 42% decrease, and median sale prices jumped 25%. This trend is seen across all of the sub-markets we consider part of the DC Metro Area. * The charts below show the housing data trends over the past 4 weeks.

Thinking of selling your single-family home? Now is the time to take advantage of the “seller’s market” we’re in. Properties are selling fast and for more than asking due to the low supply of single family homes on the market and the strong demand.

Thinking of buying a condo? Looking for low-maintenance living? Looking to downsize? Now, is the right time to do so. You’ll find a wider selection of condos than single family homes due to an increase in supply in 2021 compared to 2020. And, mortgage rates are still at all-time lows despite the slight increase in rates we’ve seen recently. Now that vaccines are more widely available, we expect to see people migrate back to urban areas. As many experts have noted, cities have recovered and thrived after past disease outbreaks. They expect this time will be no different. Buy a condo now before the demand increases.

Wherever you are, the Magnificent Manors Team of KW Metro Center has the experience and resources to help you reach your real estate goals, and we have safe and effective strategies in place to meet all CDC guidelines. We’re available anytime to start the conversation. Contact me at [email protected] or 703-798-1803.

*Data shown in “The DC Metro Area” is an average from Arlington County, Alexandria City, and Fairfax County in VA, Washington DC, and Prince George’s County, MD.