D.C., Maryland, & Virginia

The third quarter has brought both challenges and opportunities to the DMV real estate market. As we approach year-end, shifting trends and renewed interest in local focus areas are emerging. This is an ideal time to assess the market conditions to better support our agents and clients, with the ultimate goal of empowering buyers and sellers amid rapidly changing rules and regulations.

Q3 Market Summary

In Q3 2024, the DMV residential real estate market reflected broader national trends, such as fluctuating interest rates and seasonal adjustments, while also displaying unique local characteristics. Steady demand persisted in urban areas like Washington D.C., alongside suburban growth in Maryland and Virginia. New listings slightly decreased year-over-year, leading to sustained demand and relatively competitive prices.

Median sale prices across the region appreciated modestly, though at a slower rate, as inventory remained tight. Average days on market increased, indicating a slight cooling period post-summer, which provided buyers more time to evaluate their options.

Local successes included a surge in interest for condominiums in Maryland, driven by first-time buyers, and strong suburban demand in Virginia. While some sellers felt pressure from slightly longer days on market, many achieved near-list or above-list sales, suggesting a robust market overall.

Predictions for Q4

Looking ahead, we anticipate a moderate market pace in Q4, with potential slight increases in interest rates that may impact affordability. However, the DMV remains a resilient market, especially in urban and suburban centers.

Buyers may find more inventory options, while sellers should be prepared to adjust strategies as market seasonality takes effect. A continued focus on high-quality listings, professional marketing, and strong agent-client relationships will be essential as we enter the winter months.

Actionable Advice for DMV Agents

• Stay updated on market trends.
  Regularly review reports and trends to anticipate micro and macro-level shifts.
• Enhance client relationships.
  Maintain personalized service with consistent follow-up and strategic outreach.
• Leverage technology.
  Use tools to keep clients informed and deliver value.
• Build stronger marketing and lead-gen strategies.
  Take advantage of Side’s support offerings for your online and offline lead-gen strategies.
• Focus on growth and learning.
  Stay current with new industry rules and best practices, and attend Managing Broker training.