The number of homes sold saw an upward tick throughout most of the Washington, D.C. region in October, according to the Long & Foster Real Estate Market Minute Report. 

Columbia Heights and Mt. Pleasant saw a staggering 71% jump, followed by Chevy Chase (DC) which had a 61% rise. Median sale prices appreciated over most of the area, as seen by Cleveland Park and Kalorama with a 54% incline and Southwest and Waterfront with a 41% rise. Inventory varied with Logan Circle and Dupont having a dramatic 83% increase, while Brookland and Woodridge had a 59% decrease. 

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

“There are a ton of homes going on the market, but not staying on the market long enough to make an impact,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. The demand for homes is still incredibly high, with inventory continuing to dwindle.  

With the Federal Housing Finance Agency continuing to allow Fannie Mae and Freddie Mac to buy qualified loans in forbearance till the end of the year, some people were worried about a potential housing bubble. Foster, however, believes otherwise, saying “the percentage of homes in forbearance keeps shrinking month by month and with negative equity in houses so low, the risk of there being a housing bubble is also low.”  

Talks of a potential COVID-19 vaccine coming out will affect the economy positively, as people will start getting back into the workforce and the economy will start correcting. Explaining further, Foster remarked that “people who have put their money in U.S. Treasury bonds will start to move their money into equities which will allow treasury bonds and the 30-year fixed rate to go up.” 

Many home trends popped up this year in response to the COVID-19 pandemic, including touchless appliances, home offices and home gyms. Foster believes the home trends will remain popular, stating, “as employers continue to allow employees to work remotely, you’ll see these trends become more prevalent since we’re seeing a significant amount of people moving away from the urban core into larger, suburban homes.” 

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.