Is it a Seller’s Market or a Buyer’s Market?

Since 2021, the DC area has been a seller’s market. In a seller’s market, there are more buyers than available properties, giving sellers more control over price and terms. We saw multiple offers for houses, escalation clauses, and no contingencies, such as home inspections or appraisals, in the contracts.

We are starting to see a shift away from a seller’s market towards a buyer’s market. In a buyer’s market, the potential buyer has more leverage due to increased inventory, and sellers are more willing to negotiate. In general, there are more homes available for sale in the DMV compared to previous years, giving buyers more options and less pressure to make quick decisions. Sellers are becoming more realistic about pricing and more open to negotiating on price and sales concessions. Median days on the market have increased, indicating less urgency for the buyers.

But that is in general. There are still homes that are staged well, in desirable areas, and priced realistically that get multiple offers and are under contract in the first few days of listing. The DC housing market remains strong, with many homes selling quickly, but the shift from a seller’s market to a buyer’s market is underway. If you would like to explore your housing options, please contact me.