Since the start of the pandemic, the local housing market has gone nuts. Here are our predictions for what’s next for DC real estate— including whether more homes will ever come on the market.
, chief operating officer of UrbanPace, a condo-marketing firm, says even one-bedrooms—which could hardly be given away—are attracting considerable attention now that younger buyers are returning from living with family during Covid. Plus, says Dewey: “They have more money for a down payment now.”Not great. At the end of 2021, there were 4,138 active listings in Washington, down 38 percent compared with the end of 2020, says Lisa Sturtevant, an economist adviser for Bright MLS.
Another silver lining for buyers: In an already very pricey market like Washington, more expensive borrowing will almost certainly slow the rapid home-price growth of the last couple years. Says Danielle Hale, chief economist with Realtor.com: “We expect the DC area to be particularly sensitive to interest-rate changes.” Before rates tick up even more, expect a flurry of activity as buyers rush to find houses—and lock in rates.
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