The real estate market in the Capital Region remained steady in 2019, with little change from 2018, while luxury home sales ($1M+ properties) outpaced the market with a 12% rise over the year prior. Housing inventory remained tight during the past year, with December inventory in the Capital Region dropping 40% below December 2018 figures. The high-end market also experienced a 25% decline in properties for sale.
Similar market conditions are expected in 2020, as inventory remains low and prices steadily appreciate. Interest rates are expected to stay around 4% this year, although any shifts in the global economy could affect those rates. Overall, a healthy real estate market is predicted for the coming year, with high consumer confidence and a strong stock market likely to continue.
If you are looking to buy or sell a home in 2020, choose the team at Long & Foster | Christie’s. “We have decades of real estate expertise in the local area, and we rank as the No. 1 brokerage firm in the Capital Region, both in traditional and luxury real estate sales,” said Jeffrey S. Detwiler, president & CEO of The Long & Foster Companies. We know the neighborhoods, the market and the real estate process, so we can successfully guide you on your journey home.
Get an in-depth look at real estate trends in the greater Washington, D.C., area in the 2019 Year in Review Capital Region Report.