DC Metro Area Real Estate Trends | 2020 Summer

Have you noticed that as soon as a property goes on the market, it seems that within days they’re under contract? All indicators point to a strong summer real estate market.

  • New pending sales up 25.5% ( Zillow June Report)
  • New listings taken up 19.3% month -over -month ( Zillow June Report)
  • Demand for housing is out pacing supply = competitive market for buyers, excellent time to be a seller ( DC Metro area months supply is 1.4)
  • Our area is above average when it comes to exposure to low risk jobs by market. Meaning, there are more DC metro area residents who remain working in sectors including federal, state and local government, information technology, military and utilities.


#LMRE Most Current Under Contract or Sold Properties

Under Contract in 6 days
3601 38th Street NW #202
Washington, DC 20016
Under Contract in 2 days
Closed in 21 days

13305 Burnt Woods Place
Germantown, MD 20874
Didn’t make it one day on the market.
Shown once.
8101 Connecticut Ave C505
Chevy Chase, MD 20815

For Those Sellers and Buyers On The Fence

Inman News Latest Market & Economy Report

Homesnap found that American homeowners will spend an average of 25.1% of their monthly income on their housing while renters will spend 37.9%

Despite high home prices, putting off a purchase to wait for a better deal may not be the best idea after all. Long-term, owning is more affordable than renting almost anywhere in the country, according to a new report released by home search platform Homesnap.

Looking at factors like the average monthly wages, monthly rents, monthly rental insurance payments and median home values, Homesnap has found that owning is more affordable than renting in 94.39 percent of cities in the United States.

*Real estate industry professionals from around the world turn to Inman first for accurate, innovative and timely information about the business. Known for its award-winning journalism, cutting-edge technology coverage, in-depth educational opportunities, and forward-thinking events, Inman is the industry’s leading source of real estate information.


Inventory | 8101 Connecticut Ave Condo Real Estate

For Sale:  8101 Connecticut Ave N702 Chevy Chase, MD 20815

Link to Listing

Bedrooms: 1 | Full Bath: 2 | Plus: Den/Study or 2nd bdrm | Sq. Feet: 1539

Rarely available, 8101s largest 1bdr, 2ba plus den. @ 1539 sqft. Sun drenched, beautifully updated and meticulously maintained. Comes with 2 garaged parking spaces and 2xtra storage spaces. Laundry in unit. Conveniently located, close to DC border, Bethesda, 495, public transportation and shops. | #LaurelsListing

Market Watch: Currently In 20815 and 20814

  • There are 12 units, active or coming soon between 1500-2000 sqft
  • Average list price $1,236,355
  • Average days on the market, 72 days
  • Average price per square foot $713.21

FAQ: Is It A Good Time To Sell My House?

The current real estate environment poses a great opportunity for sellers and buyers. Timing couldn’t be better for both.

  • Demand for housing is high
  • Supply/Inventory is low, below what experts consider balanced
  • Interest rates are historically low

In this market sellers earn top value for their home and buyers experience greater buying power and increased affordability.

Interest Rates Over Time [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The Mid Atlantic Region to include DC, VA, MD, parts of WV, PA and DE housing Months of Supply is 2, well below the 4 to 6 months which is generally considered a balanced market.
  • The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year or $7,200 over the life of your loan. Maybe it’s time to lock in now while rates are still low.
  • How can you take advantage of this market? Don’t wait and see, connect with a RE professional and make a plan.

Prepared Clients Are The Most Successful Clients

SOLD: #TheCarleton – 4550 N Park Ave 907 #ChevyChaseRealEstate

As the article published in Inman suggests, there are more that a few ways a buyer can sabotage their own home purchase.

Buyers sometimes can potentially sabotage a home purchase? Some factors to be aware of…: – You can read the full article here

  • Having unrealistic expectations – Balancing market realities with the price point that they can afford is important.
  • Hesitating – There is often a short window to pull the trigger when buyers come across “the one,” especially if it has just hit the market.
  • Making low-ball offers -Buyers risk alienating the seller, leaving the door open for other offers and, perhaps, losing out on what they want.
  • Being inflexible – The ability to adapt and function from a position of give-and-take is a must.

My clients illustrate success when one is realistic, stays within budget, is ready and willing to act quickly, then can make an offer based on market conditions and information shared about the seller’s priorities. Such clients  were able to close on exactly what they were searching for without compromise. ….and $50,000 below asking price.


Where Is The Housing Market Headed in 2020?

  • Some Highlights:

  • Interest rates will be lower than they have been since before 1980 at 3.8% and are projected to remain steady throughout 2020!

  • According to CoreLogic, home prices will appreciate at a rate of 5.4% over the course of the year.

  • Experts predict that the number of homes sold next year will be equal to or outpace 2019.
2020 Outlook – Positive

2019 in REview

By providing market knowledge and experience that lets clients break down the process step by step, we make their experience a positive and exciting one. A metric for Laurel Murphy Real Estate to gauge whether we are achieving our goal is the percent of business we do from referrals or repeat business. 

In our first full year we serviced 50% sellers and 50% buyers with 85% from referrals or repeat clients. Helping family and friends of past clients is a responsibility we appreciate and take seriously.  Going into 2020 we have every intention to increase our numbers, one referral at a time.