Yes! It is good news for DC property owners that the January 2023 real estate market showed a renewed spark with increased activity from both buyers and sellers compared to the previous month! This increased activity could potentially lead to higher demand and prices for properties in the DC area.

In January 2023, the Washington DC real estate market experienced increased activity from both buyers and sellers compared to the previous month. This was due in part to declining mortgage interest rates, which encouraged buyers who had previously been holding back to enter the market. Although housing inventory remains limited, the uptick in buyer activity suggests a renewed energy in the market. This information is based on data from Bright MLS.

Let’s review the data:

Categories                              January 2023 January 2022      % Change

# of Closed Transactions                2,465                   3,859                   -39%

Average List Price                           $786K                  $797K                  -1.3%

Average Median Price                    $540K                 $644K                  -16%

Average Days on Market                     42                    39                       7%

% Sold Price / List Price                     98%             100%                  -2.0%

Months Inventory of Properties            1                     0.5                   100%

Summary:

The Washington DC real estate market is showing signs of a strong revival with increased activity from both buyers and sellers compared to December 2022. As spring approaches, buyer demand is expected to rise, but the availability of residential properties remains limited, increasing competition among buyers. Sellers who price their properties appropriately can expect to receive multiple offers, which is good news for them. However, buyers may find themselves in competitive offer situations, particularly those who wait for the Spring market.