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Are Homebuyers Getting Off The Sidelines In The DC Area?

  • April 8th

by UrbanTurf Staff

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A home in Chevy Chase that is under contract. 

Even with all that is going on in the region, there are early signs that the spring housing market in the DC area may be even busier than last year. 

The latest weekly report from Bright MLS shows that 18% more homes went under contract last week than during the same week last year. The week before, contracts were up 7% year over year.

"Interest in the DC market has been higher than in the overall Mid-Atlantic, where the number of new purchase contracts was up by only 13%," the Bright report stated. "There are still buyers out there unaffected by DOGE who are able to take advantage of falling mortgage rates and more inventory."

More homes on the market may very well be driving activity. The number of new listings to come online last week was up 18% compared to the same week last year. Buyers may also be noticing that more homes are dropping their prices. Nearly 9% of homes in the area are seeing a price cut, a 2% jump since last year. 

For the full weekly report on the market, click here. 

Photo courtesy of Nathan Stewart. 

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/are_homebuyers_getting_off_the_sidelines_in_the_dc_area/23377.

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