Updated 11 months ago on . Most recent reply
Washington, DC Real Estate Market Update: January 2025 π Market Trends
Washington, DC Real Estate Market Update: January 2025π Market Trends:
- New Listings: Increased by 135 units (14.49%) compared to January 2024.
- Listed Median Price: Rose by $25,000 (4%) to $650,000.
- Units Sold: Went up by 87 units (23.58%) from last year.
- Sold Median Price: Decreased by $54,000 (8.93%) to $551,000.
π Mortgage Rates:
- January 2025: 30-Year FRM: 6.93%, 15-Year FRM: 6.14%
- January 2024: 30-Year FRM: 6.62%, 15-Year FRM: 5.89%
Summary: The increase in new listings indicates a rise in supply year-over-year. The median listing price's upward trend suggests higher asking prices, while the decrease in sold median prices reflects a potential shift in buyer negotiation power or market adjustments. Higher mortgage rates in January 2025 compared to January 2024 may impact buyer demand and affordability.
β Question: How do you think the current mortgage rates and market trends will influence buyer behavior in the coming months?