Here are the highlights for the week ending July 23, 2023:
- Buyers interested but inventory remains low. There were 22,843 showings in the D.C Metro area for the week ending July 23, 2023. Showing activity declined 11.4% compared to the same week last year. Demand for homeownership remains strong in the D.C Metro area with buyers hoping for more listing options.
- New listings lag prior years. New listings in the Mid-Atlantic dropped 7.7% from a week ago and are 23.5% lower than 2022. Many sellers are hesitant to sell, clinging to low rates, though some circumstances will dictate a move. New listings decline in the fall as the school year begins and winter approaches. Yet if rates start to ease, it could entice sellers to participate more than they typically do in the latter half of the year.
- List prices continue to surpass 2022. While the DC Metro area market has slowed, the lack of inventory has kept pressure on prices. The median list price for the week ending July 23 was $589,000, and list prices have been consistently higher in 2023 than 2022. The market imbalance between supply and demand should cause prices to remain firm through the rest of 2023.
