Summer SizzleThe Washington luxury real estate market is strong, despite the increase in mortgage rates. Realtor.com, a leading resource for information on the residential market, recently revised their national annual forecast for median sales price appreciation on existing homes to 6.6% in 2022, up from their previous prediction of 2.9%, so we expect home prices to continue to rise. Demand is still high, however buyers are beginning to see a somewhat favorable shift in housing supply. The U.S. active listing count of homes for sale in June increased by 18.7% over the past year, the largest increase in inventory in the data history. Housing sales in Washington, D.C. remain brisk and, although inventory is still low in the single family housing market (as compared with the nation), we are now experiencing the most well-balanced summer market since 2019. It is more important than ever to have an experienced agent by your side. In times of caution, there is a flight to quality. The Hatfield Weir Gale Team is skilled in preparing and introducing properties to the market, adept at negotiating transactions, and caring and sensitive in our work with clients. We’re local real estate professionals who know your target market. Call us at 202-243-1635 or email us at team@hatfieldweir.com for a valuation of the residential property you’re ready to sell Market IndicatorsYear to Date Averages as of August 1, 2022 Maryland(20814, 20815, 20816, 20817) Single family homes Average Sales Price: $1,293,452 Percentage of List Price: 105.9% Days on Market: 14 Condominiums and Co-Ops Average Sales Price: $377,485 Percentage of List Price: 97.6% Days on Market: 46 Washington, D.C.(20007, 20008, 20015, 20016) Single family homes Average Sales Price: $1,791,238 Percentage of List Price:104.6% Days on Market: 15 Condominiums and Co-Ops Average Sales Price: $439,673 Percentage of List Price: 98% Days on Market: 43
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