Typical Washington, D.C. The Greater Capital Area Association of Realtors most recent data shows that it takes more than a month to sell a home. The pattern continues a cooling market that began in the summer.
State of play: Although purchasers have a little more power now that the market has stabilized in recent months, the 20-year high-interest rates have reduced their purchasing power and lengthened the time that properties are on the market.
Yes, but: According to senior vice president of TTR Sotheby’s International Realty Maxwell Rabin, “it’s not like the market has died or people are singing the blues.” According to Rabin, there is still a lot of activity.
By the numbers: According to GCAAR, homes stayed on the market for an average of 34 days last month. In comparison, August 2021 had 30 days, and September 2021 had 28 days. You may also check ‘Our patients aren’t dead.
- In D.C., the number of completed sales. It was down 18.8% compared to September 2021 and 18.3% to August.
- The D.C. Last month, the median sales price was $619,500, down 4.6% from August but 1.1% from September 2021.
Good news for homebuyers: New Washington, D.C. Listings increased by a staggering 78.1% between August and September, partly explained by the start of the fall season when activity heats up after the slower summer season.
Zoom out: According to the data, Montgomery County is going through a similar slowdown, with fewer closed transactions and longer average days on the market.
What’s next: Real estate patterns are cyclical, so anticipate a decline in activity as the year draws close as buyers and sellers concentrate on the Christmas season.
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