DC REAL ESTATE IN 2021
&
WHAT TO EXPECT IN 2022
2021 Marked A Record-Breaking Year in Median Sales Price
- Median sales price for homes in Washington DC set a record 4 separate times, most recently in November at median $725,000.
- Seasonal real estate cycles reflected more typical patterns than pandemic-driven 2020 numbers. In other words, 2021's seasonal peaks (spring, fall) generally looked more like 2019 and previous years.
- Inventory was still tight in Washington DC throughout the past year, but, towards the end of 2021, days on market (DOM) was slightly longer.
2022 Will Be Strong, What We Are Expecting
- As the Fed reacts to inflation, mortgage rates will be impacted. We expect mortgage rates to rise in 2022, especially in the latter parts of the year. However, experts predict rates will remain favorable to buyers, below 4%.
- Inventory, always a challenge on Capitol Hill and select zip codes in the DC area, should follow seasonal cycles. Home values will continue to appreciate in Washington DC / DC area.
At JNG, we helped our clients buy & sale more than 80 homes in 2021! The joy of helping the first-time home buyer, the satisfaction of prepping and transforming a seller's home and seeing their happy reaction as we go-to-market and sell for more -- all of this keeps driving us to work harder and smarter for our clients!
Contact us to set up a personalized consultation - we can't wait to share our real know-how with you!
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