Housing Market Update February 2023
Housing Market Update February 2023
Housing Market Update February 2023
Housing Market Update February 2023
The Bright MLS February 2023 market report indicates housing inventory is increasing and close to the 2019 levels for available homes.
Highlights from the report:
The current market is competitive after a slow last quarter for the housing market in 2022. The median days on the market (how many days a house is actively for sale) is 15, 2 days less as compared to a week ago
The number of homes for sale in the Greater Washington DC & Baltimore area has increased 4.7% as compared to a week ago
Home buyer activity is rising with an increase in the number of showings as compared to this time last year. For two weeks in a row, showing activity increased 20% in the District & Maryland as compared to 2019 showings.
What home buyers should know:
While more homes are coming on the market for sale there is still pent up demand from home buyers who did not purchase a home during the pandemic due to the competition and low housing inventory. The longer a home is for sale on the market, the better the opportunity for buyers to negotiate the price and terms of the offer.
Housing inventory is rising as the market continues to adjust from the frenzied activity from the past two years.
According to Freddie Mac, the average 30 year mortgage is expected to start at 6.6% in the first quarter and end at 6.2% in the last quarter of 2023. Realtor.com has its own predictions for 2023 saying home prices will not come down and mortgage rates will fluctuate between 7.1% and 7.4% this year.
The bottom line:
The time to purchase a home is when it’s right for you.
Navigate the housing market with an agent who is 100% loyal to home buyers.
Exclusive buyer agents educate home buyers so they can determine the best strategy for buying a home. We specialize in serving home buyers in Washington D.C., Maryland & Virginia.
Credit for pdf: Bright MLS weekly market report for Mid-Atlantic
We will not share your information with anyone....
Thank you for requesting more information...
We value and protect your privacy and will never share your contact information with anyone else.
How can we help?
If the exclusive buyer agents at HomeBuyer Brokerage can assist you in any way, please don't hesitate to contact us at info@homebuyerbrokerage.com.
Housing Market Update February 2023
The Bright MLS February 2023 market report indicates housing inventory is increasing and close to the 2019 levels for available homes.
Highlights from the report:
The current market is competitive after a slow last quarter for the housing market in 2022. The median days on the market (how many days a house is actively for sale) is 15, 2 days less as compared to a week ago
The number of homes for sale in the Greater Washington DC & Baltimore area has increased 4.7% as compared to a week ago
Home buyer activity is rising with an increase in the number of showings as compared to this time last year. For two weeks in a row, showing activity increased 20% in the District & Maryland as compared to 2019 showings.
What home buyers should know:
While more homes are coming on the market for sale there is still pent up demand from home buyers who did not purchase a home during the pandemic due to the competition and low housing inventory. The longer a home is for sale on the market, the better the opportunity for buyers to negotiate the price and terms of the offer.
Housing inventory is rising as the market continues to adjust from the frenzied activity from the past two years.
According to Freddie Mac, the average 30 year mortgage is expected to start at 6.6% in the first quarter and end at 6.2% in the last quarter of 2023. Realtor.com has its own predictions for 2023 saying home prices will not come down and mortgage rates will fluctuate between 7.1% and 7.4% this year.
The bottom line:
The time to purchase a home is when it’s right for you.
Navigate the housing market with an agent who is 100% loyal to home buyers.
Exclusive buyer agents educate home buyers so they can determine the best strategy for buying a home. We specialize in serving home buyers in Washington D.C., Maryland & Virginia.
Credit for pdf: Bright MLS weekly market report for Mid-Atlantic
Request More Information
We will not share your information with anyone....
Thank you for requesting more information...
We value and protect your privacy and will never share your contact information with anyone else.
How can we help?
The exclusive buyer agents at HomeBuyer Brokerage specialize in serving home buyers. Please reach out with questions at info@homebuyerbrokerage.com.
