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Sheena Saydam's Blog

By Sheena Saydam | Agent in District of Columbia

Monthly Market Update

Your Monthly Market Update

The leaves are red, the cider is hot, and we’re finding all kinds of uses for pumpkin – fall is here!  As during most fall seasons, the real estate market is moving slowly and definitively in favor of buyers. There are, however, significant differences between the District, Maryland, and Northern Virginia markets: While Maryland was already experiencing a buyers market, the District is now in a balanced market, and most of Northern Virginia still favors sellers!  

With competition between buyers slowing and the average interest rate at 4.25%, now is a fabulous time to buy!  On the flip side, if you live in a highly-sought after area and/or have a lot of equity in your home, Days on Market is down in almost all areas, so sellers don’t have to wait as long to get their homes sold as they did last fall.

In case you’re a new “Dream Big” reader:  In general, 6 months of inventory (homes for sale) represents a balanced market, less than 6 months represents a seller’s market, and more than 6 months of inventory makes it a buyer’s market.

Northern Virginia

Arlington County

Average Days on Market: 46 (no change)

Median Sales Price: $460,750 (up 7% vs. 1 year ago)

Average % Yield on List Price: 98% (up 0.3% vs. 1 year ago)

Inventory: 4.5 months – seller’s market (up 31% vs. 1 year ago)


Falls Church

Average Days on Market: 32 (down 33% vs. 1 year ago)

Median Sales Price: $510,000 (down 8% vs. 1 year ago)

Average % Yield on List Price: 99.3% (up 2.5% vs. 1 year ago)

Inventory: 3.7 months – seller’s market (up 113% vs. 1 year ago)


Alexandria

Average Days on Market: 48 (up 4% vs. 1 year ago)

Median Sales Price: $450,000 (up 16% vs. 1 year ago)

Average % Yield on List Price: 97.2% (down 0.1% vs. 1 year ago)

Inventory: 6.6 months – buyer’s market (up 72% vs. 1 year ago)


Fairfax County

Average Days on Market: 40 (down 7% vs. 1 year ago)

Median Sales Price: $380,000 (up 3% vs. 1 year ago)

Average % Yield on List Price: 97.5% (down 0.3% vs. 1 year ago)

Inventory: 3.9 months – seller’s market (up 27% vs. 1 year ago)


Maryland

Montgomery County

Average Days on Market: 52 (down 19% vs. 1 year ago)

Median Sales Price: $327,000 (down 2% vs. 1 year ago)

Average % Yield on List Price: 97% (up 0.6% vs. 1 year ago)

Inventory: 5.2 months – seller’s market (up 16% vs. 1 year ago)


Prince George’s County

Average Days on Market: 69 (down 20% vs. 1 year ago)

Median Sales Price: $182,250 (down 14% vs. 1 year ago)

Average % Yield on List Price: 98% (up 0.7% vs. 1 year ago)

Inventory: 8.7 months – buyer’s market (down 2% vs. 1 year ago)


Howard County

Average Days on Market: 58 (down 11% vs. 1 year ago)

Median Sales Price: $376,500 (up 8% vs. 1 year ago)

Average % Yield on List Price: 96.4% (down 0.9% vs. 1 year ago)

Inventory: 7.5 months – buyer’s market (up 31% vs. 1 year ago)


Baltimore County

Average Days on Market: 84 (down 2% vs. 1 year ago)

Median Sales Price: $210,000(down 2% vs. 1 year ago)

Average % Yield on List Price: 95.4% (down 0.9% vs. 1 year ago)

Inventory: 10.6 months – buyer’s market (up 59% vs. 1 year ago)


The District

Average Days on Market: 55 (down 24% vs. 1 year ago)

Median Sales Price: $383,000 (up 5% vs. 1 year ago)

Average % Yield on List Price: 96.9% (up 0.8% vs. 1 year ago)

Inventory: 6.1 months – balanced market (up 19% vs. 1 year ago)

Email me for market conditions in a specific DC neighborhood or other counties in which you’re interested!

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