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    Fall 2022 Housing Market Trends in Washington DC

    September 25, 2022

September 25, 2022

Fall 2022 Housing Market Trends in Washington DC

Whether you’re planning to buy or sell a house in Washington DC, it’s helpful to know the trends and what you can expect from the housing market. This will help you prepare accordingly while also developing realistic expectations for the process ahead. 

If you haven’t been following the trends, you might be surprised to learn that the housing market has changed dramatically since the start of the year. Below is everything you need to know about the housing market trends for Washington DC this fall and winter. 

What is the Washington DC Housing Market Like Today? 

According to Redfin data, Washington DC home prices have gone down 1.5 percent since last year, selling for a median price of $650K. On average, homes in the DC area are selling in about 37 days, compared to 32 days last year. Also, 710 homes were sold in August this year, compared to 895 last year. 

The Washington DC housing market is still competitive. Some properties are still seeing multiple offers, and hot homes on Redfin sell for about 1 percent above the listing price and go pending in about 13 days. So, if you have a move-in ready home in a great area, you should have no problem selling your property. 

Nevertheless, the housing market in DC is slowing down. As we head into the fall months, we’re already seeing prices drop and homes sitting on the market longer. Buyers have more choices, and this is giving them more leverage, too. 

Are People Still Looking for Homes in DC? 

Home sales have slowed, but buyers are still looking. Through the first eight months of 2022, the number of home sales fell by 17.3 percent from the same time a year ago. While this number may sound significant, keep in mind that the 2021 housing market was historically busy. 

This article also points out that people are starting to look at close-in communities again, which was different from the start of the pandemic. At this time, there was more buyer interest in areas on the outskirts because people were working and attending school from home. But now that things are returning to normal, there’s an increased demand for homes in the District and closer-in suburban markets. 

What’s Ahead for DC Buyers and Sellers 

Buyers will be happy to know that the changing market conditions will leave them with more leverage and more options. House prices and interest rates might still be higher than usual, but buyers won’t be forced to make offers unseen. They’ll also have more time to get inspections, appraisals and even a home sale contingency. 

Sellers will definitely have to be more willing to work with buyers and possibly even adjust their price expectations. They may also be waiting longer to sell their homes, especially if they need to address problems that turn up during the inspection. But, this doesn’t mean that they won’t be able to find a buyer. 

Why Selling for Cash Might be Best 

If you want to sell your Washington DC house fast but missed the mark, you can still walk away with a strong offer when you sell your house for cash. The best part about this opportunity is that you can sell your house in its current condition, meaning you’re not responsible for repairs, maintenance or upgrades. For a house that needs a lot of work, this is a great alternative! 

To get your free cash offer from 4 Brothers Buy Houses, contact our team of cash buyers in Washington DC today.