Record low supply of homes and strong buyer demand continues to drive the sellers’ market! So, if you are thinking of selling, contact us NOW (703-242-3975)to take advantage of this market! If you are thinking of buying a home, it is very important to work with an experienced agent to help you navigate this type of market and make your home buying dreams come true! Use the links at the end to see the details by submarket.
• 25,547 homes went under contract in the region. This is up (26.6%) from the same time period in 2019.
• 31% of the homes that went to settlement in February 2020, sold in 10 days or less from when they hit the market.
• Average sold price was $348,114 (up 8% from the same time period in 2019).
• 28,706 homes came on the market. That’s up 8.8% from February 2019.
• Homes that sold (closed) averaged 55 days on market, 6 days faster than in February of 2019.9.
• There is currently a 2.0 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Mid Atlantic Region – and 47,701 homes for sale (townhouse, condo and single-family).
OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. Activity picked up again in February…the number of homes that came on the market and that went under contract increased across the region. Inventory continues to be low with the months supply of homes remaining the same.
Buyers and Sellers…make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why. If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.
To see what the conditions are like in your community, click on the link to your desired city below!
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).