Taking a Brief Look at the Housing Market in the DMV Area
It’s easy for many of us to think of Washington, DC more so as an idea than an actual place. While not a state itself, there is a sizable population actually larger than a few of the least populated states. Looking at it as a larger metropolitan area, the region extends into surrounding states, making up what’s known as the larger DMV area.
So what is the housing market like in the area? Has it trended the same way as many other parts of the nation? Is the housing market in better shape here than elsewhere? Keep reading to see how the housing market has been in the DMV area..
Keeping in mind the pandemic has done wild things to the housing market in most places, Washington has unfortunately been no different when looking at things over the past year. That has made things constantly good for sellers.
Things aren’t all bad for buyers either. There’s an absolute markup when looking at housing from a few years ago, but things seem to be slowing down and leveling out. There’s been a decreasing amount of listings and that usually is going to spell trouble for buyers but in recent months, homes have actually been staying on the market longer.
The market is still not what it was pre-pandemic but it is looking better than it did earlier this year. Not the best possible news for buyers, but at least things are getting a little better.
When looking at the Bethesda-Chevy Chase market, things are a little different than in DC itself. Supply is remaining a larger issue there and therefore, the prices are looking hotter than they are elsewhere. Houses are staying on the market just a little longer than they were during the previous year, but still not as long as they are in other parts of the DMV area.
According to reports, more than half of homes in the area are still selling decently above the asking price, and the median price itself still sits at over one million dollars. Those numbers are daunting to most, but clearly not for potential buyers as most homes are still off the market within 2 weeks of being listed.
Cross the Potomac and we find ourselves in Arlington. Things here are looking a little more similar to DC itself. The seasonal raises and dips seem to be returning to the Arlington Real Estate market, which is a great sign that things are returning to normal, or at least finding a new normal.
The market seems to be much calmer than it was at this time last year, but mind you it has not returned to what it was prior to the pandemic. Sales are slightly down, making the market turn a little more toward the buyer, but no one can be sure things are going to stay that way in the long term.
Some feel this signals a long-term cool down in the NOVA market but always remember no one can be certain where the market will head.
Biswajit Rakshit is a professional blogger and writer. He loves to write on various topics.