For the past several years, we’ve heard a lot about low inventory in the Washington real estate market. Limited properties for sale in and around our nation’s capital is met with ever-increasing buyer demand, thus making finding a new home an arduous — and expensive — process. In May, median home prices in the Washington region hit an all-time high of $460,000.
In a low-inventory market such as Washington, you might expect to see properties sell within 24 to 48 hours of listing. While we’re certainly seeing some of that, there are also a lot of great properties that are just sitting on the market. This tells us that although the lack of inventory remains a challenge, it doesn’t show the full picture of what’s happening in the Washington real estate market.
In addition to inventory, there are several other dynamics and trends at play. If you’re looking to buy or sell, here are a few factors to consider. . . . (read the rest on the Washington Post)