DC REAL ESTATE UPDATE - JULY 2019
Well summer heat has put a slight damper on home sales in Washington DC, but don’t be confused. A slight damper does not mean that homes are sitting for long periods of time. In fact, there was relatively little change in the number of days on market in July at 30 days compared to June at 31 days.
However, we are seeing a dip in the average sales price by about $19k from $610k in June to $591k in July. Despite the drop in interest rates, Buyers are not spending as much as they use to and being very discriminate about what they will purchase. This also supports the increased inventory by about 600 units during the same period.
Washington DC will always be a high demand real estate market. As a Realtor, we know that the summer poses a few challenges mostly related to heat and vacations. So as always we expect once folks get settled back home and temps get back in the 80’s, Buyers will be clamoring to find that perfect house before the holiday season.
If you are thinking about selling your home, now is the time to schedule a listing appointment to talk about the market and get a FREE home valuation to determine what your home might sell for. Call 202-823-9313 to schedule an appointment today! Let’s start developing a plan to put your home on the market at a time and a price that is right for you..