Across the Capital Region of Washington, D.C., the real estate market has been affected by a declining number of homes for sale. At both the standard and luxury price points ($1M and above in the Capital Region), inventory has dropped by double-digit figures, with active listings down over 11 percent compared to the first quarter of last year. With the shortage of available homes, the region has seen a 5 percent decrease in the number of properties sold, with median prices holding steady or rising.
As we look toward the remainder of 2018, inventory will remain tight, driving prices higher in most markets, including the Capital Region. Interest rates, while still at historic lows, have started to rise, and the 30-year fixed rate average is around 4.5 percent now.
Read more about the market conditions in Long & Foster’s Q1 2018 Quarterly Capital Region Market Report.