Higher interest rates in 2023 have not slowed our resilient housing market. In fact, homebuyers in the local market remain active and prices continue to trend upward! Per Bright MLS’ latest report, “As a result of low inventory and surprisingly resilient demand, the region’s median home price was up 5.7% in November, the fastest price growth in more than a year.” Mortgage rates hit a 23-year high in early November, but have since been coming down for six consecutive weeks. This is good news for sellers; and with additional anticipated mortgage rate drops in early 2024, we anticipate a busy January and spring market in the D.C. area!
Check out Chief Economist Dr. Lisa Sturtevant’s brief “Market Minute” video to get a few more updates on what is happening in our local market and what we can expect from 2024!