How have the recent layoffs, tariff discussions, and other changes impacted the local real estate market?

In Potomac, the 6 month year over year data is interesting! Number of days on market for properties increased by a whopping 53%. That sounds epic but the number is just 20 days on average to get a house under contract. You might think the higher days on market would translate into a lower average list price to sales price ratio, right? Well it didn’t. List Price to sale price ratio: 100%! So on average homes are selling at list. Overall volume of sales is up 15% and so is the average sold price at 11% above last year at this time. Other mentionables in Potomac include that 1/3 of our buyers paid cash here at an average price point of %1.589M!! That’s a lot of cash. 

In Montgomery County as a whole, notables are that the average sold price is only 3.8% Importantly, 4% is the national historic average appreciation trend line since the 1980s. The attached (condo, townhome) average sold price in Bethesda is down 9% YOY. Average Days on market for the county is up to 23 days. 

How about DC? Days on market increased, but not as dramatically at 20% rather than 53. Sold volume also up, by only by 7%. Average sold price up just 6% overall, but detached/single family homes were up 15% year over year for the first half of the year. The big news here is that even with all the DC layoffs, high interest, and consumer uncertainty, prices have continued to rise.

Northern Virginia saw an increase in sold price of 4.45%, just above the historic trend. Average days on market went from 16 to 19 days, not a big jump (18.75%) and the overall sales volume is up about 5.5%. 

Interest rates have been pretty steadily in the 6.5% range for 30 yr fixed conventional mortgages.

If you are thinking about buying and/or selling and want to know if its a good time for you, specifically, give me a call and I can dial down on this data for you and your specific situation!