WASHINGTON DC housing stats

HOUSING MARKET MONTHLY NEWSLETTER for Virginia, Maryland and DC.

This issue for WASHINGTON DC,

January 2024

(All 21 zip codes/communities)

You will not find this information anywhere else. Median sale price of homes by Zip Code and City. Data from MLS. Prepared by TOBIN SEVEN, Principal Broker / Army Veteran / Eagle Scout. Licensed in VA, MD and DC. Military friendly Realtor.

Quick summary of VIRGINIA, MARYLAND and WASHINGTON DC

WASHINGTON DC home prices have INCREASED---10.5% in past 12 months. Yikes.... don't wait to BUY!

Tobin's NOTE: Median price of home today in WASHINGTON DC is $602,500.

• Same home 12 months ago would have cost $545,000.
• You would PAY an extra $4,792 a month by waiting to buy same home you saw 12 months previously.
• SUMMARY: WASHINGTON DC homes prices are increasing dramatically.

SEE BELOW: Is this what was said at the recent Super Bowl game? Who knows! The advice is sound.

SEE BELOW: You do not need 20% down to buy a home. There are many alternatives. Call me.

Video intro

TOBIN SEVEN, Principal Real Estate Broker, Army Veteran.

Licensed in Virginia and Maryland. Eagle Scout.

SEVEN REAL ESTATE ASSOCIATES®

Veteran Owned and Operated

Cell (703) 775-1111

Tobin's website

Email: Tobin@SoldBySeven.com

You receive 25% of my commission at Settlement whether BUYING or SELLING. This is real money to you. Let's talk.

SEE ABOVE. This is interesting information. The recurring theme is home inventory is low.

SEE ABOVE. Home equity is at an all time high.

SEE BELOW. This is the reason you do not see many homes for sale. Note, number has now dropped from 98% to 94%. Not a big change in past 12 months.

SEE CHART BELOW. The WASHINGTON DC housing market shows an excess of homes for sale based on historical numbers. However, many Buyers sat on the sidelines for past 3 years and have now decided to buy. What is showing as a large number of "listings" will quickly get absorbed---sold.

SEE CHART BELOW. WASHINGTON DC home prices have increased by 10.5% annually in past 12 months.

CPI (Consumer Price Index) is:

• Now 3.1%
• Dec 3.4%
• Nov 3.1%
• October 3.2%
• September 3.7%
• August 3.7%
• July 3.2%
• June 3.0%
• May 4.0%

SEE CHART BELOW. Home sales continue to decrease or barely change from year to year. Why?

• Fewer homes available for sale as new Home Builders are not keeping up with demand.
• Buyers waiting on sidelines to see what economy is going to do.
• Higher interest rates make buying a home too expensive.
• Many homeowners have mortgages below 5.0% and don't want to buy a home and dramatically increase their interest rate.

SEE CHART BELOW---by Zip Code and Corresponding City

The 21 zip codes/communities in WASHINGTON DC saw median home sale price increase of 10.5% in past 12 months.

• Lender I refer my clients to is Melissa Cabral of Fairway Mortgage.
• Melissa can close a VA home loan, conventional or FHA loan in 14 calendar days!
• This is a huge competitive advantage when competing to buy a home!
• Melissa is also with HOMES for HEROES and you receive $500 at Settlement.
• Website for Melissa Cabral.
• Cell: (617) 207-0079.
• Email: mcabral@fairwaymc.com

TOBIN SEVEN, Principal Real Estate Broker (Realtor) / Army Veteran --- Licensed in Virginia, Maryland and DC. Eagle Scout.

SEVEN REAL ESTATE ASSOCIATES® is Veteran Owned and Operated.

Voted Top 8% of all Real Estate Agents in USA (2024 - 2018)

Cell: (703) 775-1111

Email: Tobin@SoldBySeven.com

Website for Brokerage: www.SoldBySeven.com

Short video, Video intro