The 5% Effect in the DC-Area Housing Market
✉️ Want to forward this article? Click here.
Last week, long-term interest rates rose to their highest level in almost 13 years, and it appears homebuyers in the DC area are taking notice.
The latest report on the regional housing market out today from Bright MLS shows that closed home sales were down 17% in the area in April, and pending home sales, homes that went under contract, also fell across the board.
Every local jurisdiction saw pending sales fall with Montgomery County (-15%), DC proper (-13%) and Arlington County (-9%) seeing noticeable drops compared to April 2021. Pending sales have fallen in four of the last five months in the DC area.
story continues below
loading...story continues above
"Higher mortgage rates, decreased affordability and limited inventory have all contributed to lower demand this spring compared to last spring," the report said.
Home prices are also likely a factor in lower sales. Median prices were up across the region last month, hitting $700,000 in Washington, DC and rising 18% year-over-year in Loudoun County.
"In April, the region’s median sale price increased by 9.2% compared to a year ago, which is up by $50,000," the report said. "The region’s median sales price is now $166,000 higher than it was five years ago."
Photo courtesy of Carlo Russo with HD Bros.
See other articles related to: dc area home prices, dc area market trends, dc housing market, dc housing market trends, dc housing prices
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/the-5-effect-on-the-dc-area-housing-market/19634.
Most Popular... This Week • Last 30 Days • Ever
This article discusses the variety of rental restrictions that may exist in condomini... read »
Today, UrbanTurf takes a look at the office-to-residential conversions on the boards ... read »
The new project is just the latest affordable development to move forward in DC.... read »
The beautiful four-story property, with three renovated units offering more than $200... read »
The nearly 12,000 square-foot McLean house of the former Washington Nationals pitcher... read »
- Understanding Rental Restrictions in Condominiums
- A Look At The 9 Office-To-Residential Conversions On The Boards in DC
- 11-Story, 46-Unit Development Pitched For A Pair Of Downtown DC Rowhouses
- Elegant Dupont Circle Rowhouse, Boasting Huge Rental Income Potential, Hits the Market
- Stephen Strasburg's McLean Home Sells For $8.55 Million
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro