In Maryland, Northern Virginia, and Washington D.C., the market has performed very similarly in that it’s a great time to be a seller in all three regions.
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Is it a good time to sell? Is it a good time to buy more investments? In Northern Virginia, Maryland, and the Greater Washington D.C. area, the market has performed similarly for each region.
In Northern Virginia, it’s a great time to sell. Inventory is down 18.5% year over year, and listings are up 3.8%. The average days on market is down 1.9% to 52 days. The median sales price, year over year, has risen 0.7% to $431,500.
In Maryland, it’s also a great time to sell. The year-to-date median sales price is up 3.2% at $319,900. Active listings are down 13.7% year over year, but sold listing are up 7%. The average days on market is 53 days.
In Washington D.C., you see more of the same. The year-to-date median sales price has risen 2.9% to $540,000. Active listings are down 0.5%, and sold listings are up 4.3%. The average days on market is 30 days.
In both Washington D.C. and Maryland, homes have appreciated 3% year to date. In Northern Virginia, they’ve appreciated only less than a percentage point.
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We’ve been talking about a shift in the marketplace, and it will turn to the buyer’s favor eventually. I don’t have a crystal ball, but the real estate market normally works in cycles of seven to eight years. We’ve been climbing steadily for the entire decade, so 2017 should still be a good year. Whether it’s immediately after the election or sometime in the spring, there will eventually be an influx of inventory.
It’s a great time to sell.
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As I stated before, if you’re contemplating selling your home, now is a great time to do so. If you’re looking to buy, now would be a great time to do that as well, since interest rates will eventually be going up in the ensuing quarters. If you’re looking to build an investment portfolio, you might want to wait until the market adjusts itself in 12 months or so.
I’m never too busy for your referrals, so if you have any questions, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.
