Local Real Estate Market Update – July 2024
We kick off the last week of July with mortgage rates reaching their lowest levels in 6 months. Check the latest rates here (updated weekly on Thursdays). Today the Fed announced that interest rates will remain steady, but hinted at a September rate drop, as many experts anticipated. While these rate changes don’t affect mortgage rates directly, they can influence them, along with other factors like supply and demand, inflation, and the bond market. Learn more about how the Federal Reserve affects mortgage rates.
In the Washington DC market, June median home prices were up 18% from one year ago, increases we see reflected in 20002 (23.6%) and 20003 (16.5%). Houses are taking longer to sell than last summer, though DOM increased by less than 5% on Capitol Hill, compared to a 13% increase across the District from June of last year.
Looking at July inventory on Capitol Hill for fee simple homes, we see a ~25% increase in homes under contract compared to June, and an ~8% increase in the number of active homes compared to the previous 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.
202.243.7707
Pictured: Our listing at 115 Kentucky Avenue SE went under contract after 9 days on the market.