T
he DMV real estate market is experiencing a mixed bag of trends this fall. While home sales and prices are down slightly, inventory and showings are on the rise. According to Redfin, Washington D.C. home prices dropped 2.4% in September compared to last year, with a median price of $610,000. Homes in D.C. are selling after an average of 55 days on the market, up from 54 days last year.

    Inventory has surged across the D.C. Metro area, increasing by about 19%. This gives buyers more options and is helping to stabilize the market. Mortgage rates are also decreasing, which is boosting activity. "Interest rates are having a significant impact, but I think people just need to move forward," said Avi Adler, realtor and 2023 GCAAR president.

    The election is another factor driving buyers into the market. After the election, Adler expects to see a significant increase in activity as the year closes out. Looking ahead to the holiday market, there are opportunities for buyers to find inventory with less competition. Adler predicts a strong spring market in 2025, driven by continued interest rate reductions from the Federal Reserve.