Washington DC Real Estate Market
What to Expect?
It is officially peak season in the Washington DC real estate market. Due to the low housing inventory and high demand, home prices have continued to rise. According to Realtor.Com, the average list price is $455,000 for homes in the Washington DC real estate market. It is a 5% increase from last year. Click here for an interactive chart.
We are in a Seller's Market
A seller's market occurs when there is low housing inventory and high demand of home buyers. Sellers are less likely to negotiate with home buyers because the market in their favor. There are more qualified home buyers than available and affordable housing.
Be Ready for Bidding Wars
Due to the low housing inventory, high housing prices, and high demand, more qualified home buyers are competing against each other for the same home. In order to be competitive, you have to be financially prepared to take risks to win bidding wars (ie. higher emd, fewer contingencies, and escalation clauses). It is important to get preapproved before looking at homes so you are ready to place an offer as soon as possible. Homes are staying on the market an average of 11 days or less. If you see a home which meets your criteria, then place an offer immediately.