Happy Fall! Now that we are entering our Fall market, let’s close out Summer 2023.
The quick take: Our market has remained resilient. Our housing market demand remains strong and prices continue to rise. While home prices have fallen in some U.S. markets, prices have been consistently rising throughout our area and were up 3.9% in July.
Take a look at the number of showing appointments, they are increasing slowly each month.
Inventory
Inventory in DC continues at about 2.4 to 3.35 months for single families and 3.67 to 6.77 months for condos and co-ops (for houses and condos under $2M). For most people, this experience is still a seller’s market. For condos $1-2M, the experience is more that of a balanced market.
In Montgomery County, things are still very much a seller’s market. We have values under 1 month of inventory and some under 2 months!
Northern Virginia continues to increase in price and decrease in median days on market.
The Fed
The Federal Reserve does not think that we are going to enter a recession. While inflation has been coming down, they do not think that we have finished fixing our current situation. This means the Fed will likely increase the Fed Funds Rate again this year. Their next meeting is September 19.
Mortgage Rates
Maryland, My Maryland
Sources
Bright MLS. Dr. Lisa Sturtevant. July 2023 Market Report.
Maryland Realtors. Maryland Housing Statistics.
