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How’s the Market? August 2023

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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.

Source: Bright MLS


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.

Source: TTR SIR internal documents

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!

Source: TTR SIR internal documents

Northern Virginia continues to increase in price and decrease in median days on market.

Northern Virginia Region. Source: RBI Smartcharts

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

Source: Guaranteed Rate

Maryland, My Maryland


Bright MLS. Dr. Lisa Sturtevant. July 2023 Market Report.

Maryland Realtors. Maryland Housing Statistics.