Local Real Estate Market Update – JANUARY 2025
Rates have fluctuated between 6 and 7% for the last 12 months, and so far in 2025, rates have held steady in the 6.5-7% range. Will rates drop in 2025? Most experts agree that the economy is giving mixed signals—they interpret that differently for mortgage rates; some say it’s possible that rates will drop below 6%, but it would be be very gradual, others say it won’t happen.
Read More about Mortgage Rates here.
Here are the three things to watch if you are curious about the market, or getting serious about selling your home, or buying a home:
- mortgage rates (see above)
- inventory, or lagging inventory
- median sales prices
But AS ALWAYS if you want or need to buy a home, now is a good time to start! Here’s what we saw in December — a flurry of activity that drove numbers in the right direction.
- Closed sales were up both month over month and year over year (with the exception of MoM in 20003)
- For Sellers, median days on market was DOWN and median sold prices were UP in both 20002 and 20003
Pictured above:
A peek inside our currently FOR SALE property at 4 14th Street SE.
We’d love to share our Real Know-How with you!
Call 202.243.7707 to set up a FREE CONSULTATION today!