May 2023 DMV Real Estate Update
Here’s your complete May 2023 DMV market update, breaking down everything you need to know about your local real estate market.
What’s Going On?
Like the beautiful Spring foliage, the DC Metro real estate market is in full bloom! Overall, the market is looking very strong in the affordable (under 800K) range and balanced in the higher-end category.
While we continue to see a housing inventory shortage in our market, especially in the affordable range, demand is high with about 1/3 of properties getting multiple offers; we’ve seen this play out with several of our listings this Spring. Recently, we listed a modest but nice townhome in Manassas for 350K, and it garnered 100 showings and 42 offers – wow! A single family home in Silver Spring also received multiple offers and even escalated higher too! And these are only a couple examples.
Update on Interest Rates
Concerning interest rates, the Fed is meeting this week and may raise rates again, but don’t be alarmed. Our lenders expect rates to stay in the high 5% range as the lending world has already anticipated and accounted for this move. Additionally, our lenders expect rates to fall within the 4% range in the next 12–18 months. Meaning, buyers can refinance for a lower rate within a year of purchase. This is great news for both buyers and sellers!
Team Announcements
If you’re considering placing your home on the market this year, check out our next Seller Seminar on Wednesday, May 3rd followed by another (in person!) on Wednesday, June 7th. We’re also hosting an exclusive event on Saturday, May 13th for our ‘Raving Fans’ or those that have referred us business in the past. In the meantime, let us know if you have any questions about real estate, interest rates, or vendor resources throughout the DMV or need help connecting to an agent in another part of the country.
We hope you are able to enjoy the warm weather with family and friends this May; we sure plan to!
