Local Real Estate Market Update July 2023

Local Real Estate Market Update July 2023

Joel Nelson 31 July 2023 Real Estate Know How 0

THE LATEST ON THE SUMMER MARKET HERE IN DC AND ON CAPITOL HILL

INVENTORY
Across the district, inventory accumulation shows a 2.9 months supply for July 2023 (up just a tick from 2.8 in June, and up from 2.4 in July of 2022). The chart below shows 6-months of closed sales for Capitol Hill, specifically 20002 (in blue) and 20003 (in red). As you can see, the Spring market had a slow start in March and April. It surged in May for 20002, and for 20003 in June.

Diving into 20002 and 20003 for July (through July 29th), market activity is down slightly compared to June.
NEW LISTINGS: 121 vs. 134 in June
CONTRACT /  PENDING: 61 vs 84 in June
CLOSED: 83 vs 97 in June

MORTGAGE RATES

All eyes were on the Fed this month, wondering if they would hold or raise interest rates to combat inflation. For the 2 weeks preceding their announcement, 30Y fixed rate mortgages dropped from nearly 7% to 6.78%. Upon news of the interest rate hike, rates bumped up  slightly 6.81%. According to Freddie Mac, “overall U.S. consumer confidence is unwavering, surging to a two-year high in the Conference Board’s Consumer Confidence Index for July 2023. Rising consumer confidence often leads to greater spending, which could drive more consumers into the housing market.”

IF YOU ARE THINKING ABOUT BUYING OR SELLING, acquiring an investment property, or are simply curious about your current home’s value in this market, set up a consultation with Listing Expert Joel or one of our Buyer Agents.

 

Pictured Above, our listing at 900 8th Street NE features a stunning patio above the 2-car garage, with glass wall walkout from chef’s kitchen! 

 

We study the data, so you don’t have to. We’d love to share our Real Know-How with you!

Call 202.243.7707 or email info@joelnelsongroup.com.