Carlos Reyes of Smart Settlements Take on the Current State of DC Real Estate Market

Carlos Reyes- Smart Settlements Carlos Reyes- Smart Settlements | October 19, 2021 | Home & Real Estate Sponsored Post

The current market is very dynamic, in both good and bad ways. As a whole, the real estate market here in DC continues to be healthy, with a cyclical, seasonal market coming back after ten years. Looking at data, people seem to be going back to their normal tendencies, making August a slower month due to summer travels.

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In addition to these seasonal trends, the market is also reacting to factors such as increase in interest rates. This past August, home prices were up 1.5 percent compared to last year. If a home is priced to market and is a desirable piece of real estate, you’re getting, on average, 3 percent above the list price. But the market has somewhat slowed in terms of transactions -- 889 homes sold in DC in August compared to 948 sold last year, and the average days on the market was 32 compared to last year at 27. The DC market is still in an uptrend

based on job creation, mainly due to new secondary industries, specifically tech companies, venture capitalists, startups and incubators. Arlington county has the highest average salary for millennials in the nation, and with so many great local universities, tech companies are looking to DC to find talent and expand their growth, bringing qualified buyers into our marketplace. Statistically speaking, our market has been hot for a long time, and will continue to do well because there is high demand, low inventory and a secondary industry that is here to stay.



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