Local Real Estate Market Update – June 2024

Mortgage rates dropped for 4 consecutive weeks in June to get below 7%, causing a 9% surge in mortgage applications last week. Just yesterday, rates hit their lowest level in 3 months, reaching 6.84%; rates will continue to adjust based on upcoming inflation numbers and expected Fed interest rate announcements. It’s ALWAYS a good idea to talk to multiple lenders when securing a mortgage and shop around for the best rate! Our Buyer Agents are ready to help advise on that and the entire process of purchasing a home.

Will Summer be more like Spring market this year? With home sales slightly down in May throughout Washington DC, across the nation, with the big exception of 20003 as shown above in the last 2 columns, some experts speculate that summer will see an increase of activity as rates slowly come down, drawing more home buyers into the market. Homes are taking a little longer to sell, but despite mortgage rates and activity, median sold prices are up or steady from 1 year ago. Again the big exception is 20003, with median sold prices up almost 25% and days on market dropping by 50% from one year ago.  We will closely track June numbers as the month closes out and update you on the state of the market next month.

Curious about a move-up, an investment property or a sale? Want to understand the value of your home in this market? Reach our team today for a private consultation to discuss the state of the market on YOUR block or in your interest area.

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Pictured: Our listing near Eastern Market in 20003 was under contract after just one weekend of showings.