Home News Average home sales dip below list prices — DC metro area’s drop is the biggest

Average home sales dip below list prices — DC metro area’s drop is the biggest

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Home sales prices remain higher than they were a year ago. However, sellers are no longer guaranteed to get more homes than the list price.

Home sales prices are still higher than they were a year ago. However, there is a big caveat to this. Sellers are no longer guaranteed a competitive bid or guaranteed to get more for the list price of a home.

The new RE/MAX National Housing Report ranks the DC metro area at the top of the list of five markets, showing the largest year-over-year decline in near-list price ratios.

In August, sellers in the Washington, DC area averaged 84% of the original list price, or about 16% less than the home was on the market. A year ago, sellers here were getting an average of 101% of the listing price.

Top 5 markets with the largest decline near the list. (courtesy RE/MAX)

Nationally, the average close to list price in August was 99%, 1% below the original list price.

Tony CammarotaAn agent for RE/MAX Distinctive Real Estate in DC believes that the highly educated workforce in the DC area has made buyers in the area more knowledgeable.

“Our clients may be politically liberal but financially very conservative when they see what is happening with interest rates where the government is trying to control inflation. , they use the opportunity to start negotiating properties,” said Cammarota.

RE/MAX CEO Nick Bailey said he believes patient buyers were rewarded in August after prices softened from July. Sales increased as buyers “bought dips,” which was not the trend many expected.

The DC metro area also topped another RE/MAX list in August. List of five markets with the largest number of new listings year-over-year. About 12,900 new residential properties were put on the market in August, up 13% year-on-year.

Top 5 markets with the highest year-over-year growth in new listings. (courtesy RE/MAX)

“People are aware that the government will continue to push up interest rates to keep inflation down. ‘, said Mr. Cammarota.

home loan interest rate 15 year high, 30-year fixed-rate mortgages currently average 6.7%. Cammarota expects rates to continue rising, at least in the short term.

For buyers and sellers who can wait now, it may be a good decision.

“If economists expect rates to plateau next year at around 4.5%, the market should normalize more,” Camarota said.

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