DMV Housing Market
Our DMV housing market is much stronger compared to other regions of the country. We are fortunate to have a unique local economy with the federal government, defense contractors, numerous biotech companies all of which easily enable employees to work from home.
Because of this the DMV market has been able to cushion the economic blow that can occur when unemployment is on the rise. Our market continues to face a housing shortage so demand is outpacing supply which is keeping prices steady. To many people’s surprise, this trend is not being dampened by the COVID-19. Property values are rising overall in the DC region this Summer – and this trend remains unlikely to change in the near term.
The DMV market will likely continue to be a seller’s market. Some of the key indicators for this are the number of active listings, median listing price, and the average time on the market. Low interest will continue to keep buyers motivated and the forecast is that they will remain low into 2021.