The Good NewsThe year-end news for the Washington area housing market is good for both buyers and sellers. Buyers have some advantage in our market, particularly with homes that have been on the market for a longer time and new construction. Prices for existing homes are stabilizing after 2021 highs, and builders are reportedly lowering prices to move new inventory. Although the Federal Reserve is expected to ease up on increases in the coming months, rates will continue to rise. Therefore, we can predict that rates are lower now than they will be in 2023. Now is the time to buy. The demand for housing in the Washington area created by a good economy and job market has traditionally protected prices from downturns. While housing price increases have slowed somewhat over the last 12 months, the median home prices in our area remain high compared to other major U.S. markets, with an average increase of 3% over last year. The Federal Reserve’s rate increases mean higher mortgage rates, making housing more expensive, with the anticipated effect of increasing inventory. Yet the D.C. inventory is still lower than the industry standard, so the sellers market here continues to be favorable. Now is the time to sell. Whether you’re buying or selling, the Hatfield Weir Gale Team is ready to guide you through the process. Call us at 202-243-1635 or send us an email at team@hatfieldweir.com. Market IndicatorsYear to Date as of December 1, 2022 Maryland(20814, 20815, 20816, 20817) Single family homes Average Sales Price: $1,260,288 Percentage of List Price: 104% Days on Market: 13 Condominiums and Co-Ops Average Sales Price: $396,746 Percentage of List Price: 98% Days on Market: 46 Washington, D.C.(20007, 20008, 20015, 20016) Single family homes Average Sales Price: $1,682,533 Percentage of List Price: 103.5% Days on Market: 16 Condominiums and Co-Ops Average Sales Price: $431,137 Percentage of List Price: 99% Days on Market: 42
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