What’s Happening to the Market This Mid-Year
Now that we’re halfway through the year, here’s what
buyers and sellers should know.
We’re officially past the halfway point of the year, and I want to share some important market updates that every buyer and seller should know.
1. Hot condo market. The condo market is still hot and some properties are still getting multiple offers. Condo demand has bounced back this year after taking a dip in 2021.
2. Impact of interest rates. We haven’t detected much strong impact from rising interest rates in most of our markets. However, there are some markets wherein homes are not getting the multiple offers we saw a year ago. There are also areas where buyers are using their maximum purchasing power—a possible impact of rising interest rates.
"The market is fairly strong and it seems to be shifting toward a more balanced state."
3. Multiple offers. Multiple offers are still the norm in the DC rowhouse and suburban single-home family markets. Except for a few pockets around us, these markets are seemingly unaffected.
Overall, the market is fairly strong and it seems to be shifting toward a more balanced state. More inventory is becoming available, especially for condos and single-family homes. This time of the year seasonally tends to be more active, and we expect a more normalized summer than what we’ve had in the past years. Interest rates are the wild-card factors to watch out for as the year progresses.
If you have more questions about the real estate market, please don’t hesitate to call or email me. I’ll be happy to help!