How has the real estate market changed in the DC area in the past year?

Question

Single Family Homes is what im most concerned with, thanks

Answer 1

Prices have stabilized across the region. No more 30-40 contracts for a single house, unless those houses happen to be in hot locations (like walking distance to the Capitol or other government sites).

With interest rates going up and employment steady, houses have a tendency to sit on the market longer.

Answer 2

The housing market today is really different from a year ago.
Then, it was a seller's market. There were bidding wars over prime properties and in some cases people bought them way over appraised prices. Buyers were taking out balloon note, interest only loans...it was crazy.
Today, it's a buyer's market. As lenders have raised rates, the prices of housing has come down. Buyers are taking their time since there are so many listings on the market. Average time on market, which used to be several weeks, is now 3 months, and the houses that do sell are selling at least 10% cheaper than a year ago. People who bought a year ago with 100% financing or interest only loans are going to be in big trouble when they go to sell.
Hope this helps.

Answer 3

It's slow down a little, but rental/lease is getting hot. Buyers are in "wait and see" kind of mode. They rather rent a home for year or two, instead buying one. There are more inventory 50 % up from past three years. Turn around time is about two days longer.
Actual prices went down little as well. Many times, this don't show on paper as incentive and allowance don't show on sold price. If you are thinking about buying, you will find good bargain. People who have to sell the house will drop their price; The house price went up so much in last five years that they can have 'good return' even with large discount. People who own condo will kill them-self real soon. Single family home is little better shape than condo.

Answer 4

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