Looking Back . . .
In the first half of 2024, the residential real estate market in the Washington, DC metro area saw a more balanced environment.
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Mortgage rates started the year in the mid-6% range, climbed above 7% by the end of the first quarter, and then eased back by the close of the second quarter.
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These fluctuations likely caused some buyers to pause, hoping for further rate decreases.
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As a result, home sales in the DC metro area declined by 4% during this period.
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Despite the dip in sales, more sellers entered the market, with new listings rising by 5% compared to 2023.
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However, even with this increase in supply, demand continued to exceed availability, driving prices up.
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The median home sale price in the region grew by 7% in the first half of the year.
Looking Ahead . . .
Market experts predict a stronger real estate market in the second half of 2024.
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With the Federal Reserve is poised to lower target rates, mortgage rates are expected to decrease further, potentially settling between 5.8% and 6.2% by year’s end.
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This anticipated drop in rates is expected to attract more buyers who are looking to take advantage of favorable conditions.
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The drop in rates is also likely to motivate additional sellers to list their properties
Navigating a Dynamic Market
With the backing of one of the world’s most recognized brands, outstanding marketing strategies, and a broad global and regional presence, we are fully prepared to navigate this
dynamic market. Whether you are buying or selling, we look forward to providing you with exceptional service.
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