Real Estate Market Update 🏡📊: Here’s the latest scoop for the week ending September 3, 2023!
📆 🏠 Listings Holding Steady: Despite a limited supply in the D.C Metro Area, new listings are down just 15.2% from last year, with 1,096 listings this week. Unlike the usual August dip, listings have remained more stable. Even Labor Day weekend didn’t slow things down, as new listings increased by 1.4% from the previous week.
💰 List Prices Unchanged: The median list price, at $575,000, stayed consistent this week. It’s up by 4.6% from last year, and the expected early September price jump happened a week earlier this year.
🤝 Contracts Keeping Pace: This week, there were 1,128 new contracts in the D.C metro area. Although still down 19% from last year, the week-over-week decrease was only 9.8%, which is less steep than in recent years. With mortgage rates above 7%, this could indicate some buyers reaching their affordability limits.
Stay tuned for more updates on the vibrant D.C. real estate scene! 🏘️ #RealEstateUpdate #DCMetroHomes #HousingMarket”
