Market Update: July 2020
Let's take a look at how the market is doing. Early predictions (March-April) were that the real estate industry in the DC area would be down 50%. April showed at 17% decline, after that, it's been moving a record clip.
July is no exception. Typically a slow month in the real estate year, this year it's a record breaker. Despite low inventory as a whole, buyers are taking advantage of low interest rates and the slower pace to move to a place they've been dreaming of for a while.
In DC, the median home price rose 13% over last July
Home prices rose by at least 7% in all local jurisdictions
Alexandria was the leader with prices jumping 29%
Buyers haven't been deterred by the pricing with many homes receiving multiple offers. But be aware, buyers aren't just jumping at everything. If they don't believe the pricing of the home is in line with their monetary value of the home, they will leave it be until the price is more in line with their thinking. Remember, the days of casual looking have stopped. Buyers don't want to "just go take a look." They are only touring options that the price matches what the buyers see as the value.
Urban Turf put together a nice article on the months. Read it here.
