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In The DC Area, Homebuyers Still Have The Upper Hand

  • July 10th

by UrbanTurf Staff

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It continues to be a buyer's market in the DC region. 

Home prices in the area rose just 1.6% in June, according to a Bright MLS report out Thursday, the smallest year-over-year gain since 2023. In addition to slowing prices, the supply of homes for sale is now above pre-pandemic levels for the first time in DC, Arlington and Alexandria.

"More inventory is starting to have an impact on home prices in the Washington, D.C. region," Lisa Sturtevant, Chief Economist at Bright MLS, said. "With elevated mortgage rates, high home prices, and economic uncertainty, buyers are starting to have more negotiating power in the market."

While there are nearly 41% more homes on the market compared to last June, the region is not seeing a huge influx of new listings. In June, there were 5,259 new listings in the region, just 0.9% higher than last June. After a surge of homes coming online in March, there is little evidence that those affected by federal layoffs are listing their homes for sale.

"It is likely that home sales activity will continue to be slow this summer, and prices will grow more slowly and even decline year-over-year in some local markets," the report said.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/in_the_dc_area_homebuyers_still_have_the_upper_hand/23668.

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