The real estate market had been going strong in the Washington, D.C. region until mid-March, when the coronavirus (COVID-19) pandemic began closing businesses across the Mid-Atlantic and Northeast. As stay-at-home orders were issued and many companies moved to teleworking status, the impact on the real estate market was seen toward the latter half of the month.  

These numbers, which are reflective of the entire month of March, tell part of the story, and Larry “Boomer” Foster president of Long & Foster Real Estate, share their expert insights on broader effect that COVID-19 is having on real estate. 

The Long & Foster Real Estate Market Minute report provides data for 15 neighborhood areas within Washington, D.C. 

“As with everywhere else, people are starting to hunker down a little more and this is reflected in a pause going on in the market,” said Foster. “However, there remains demand for housing and people who are serious about buying and selling today are doing so.” 

Credit is available and buyers have purchasing power, though doing business virtually, as most are today, presents a new set of challenges. Foster, however, said, “Long & Foster has an answer for all the pieces of the home-buying and selling process that protects the safety and interests of our clients, so we can navigate a transaction completely virtually if needed.” He noted that Long & Foster agents have access to a wealth of tools, resources and technology to ensure they can help consumers buy and sell homes from home. 

Another good indicator of interest in housing is traffic to longandfoster.com. The website saw unique visitors and leads generated increase 29% and 24% respectively in March. This demonstrates the amount of demand that is still out there as people continue to shop and prepare for future sales and purchases. 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.