Over the past several months, home sales in the DMV slowed as many buyers were sidelined by increasing mortgage rates and economic concerns. Prices moderated from peaks in the spring of 2022; however, tight inventory limited declines. Overall for 2022, DMV home prices are up 4.9% compared to 2021, aggregating across all housing types, and Q4 2022 prices are higher than Q4 2021.
The downturn in the DMV has been modest, and we’re now seeing the market pick up. Since the new year, mortgage applications are up and buyers are (re)entering the market, responding to mortgage rates that have dropped and positive economic news.
For sellers, this is a good time to prepare for the spring market. For buyers, it’s a good time to buy before competition tightens. Interested in learning more? Give us a call. We’re happy to talk!
