New Listings were down 10.1 percent for single family homes and 23.7 percent for townhouse-condo properties. Under Contracts decreased 3.7 percent for single family homes and 16.4 percent for townhouse-condo properties.
The Median Sales Price was up 18.6 percent to $575,000 for single family homes and 19.0 percent to $400,000 for townhouse-condo properties. Days on Market decreased 18.5 percent for single family homes and 41.7 percent for townhouse-condo properties.
For many buyers, 2022 marks a new opportunity to make their home purchase dreams a reality. But it won’t be without its challenges. Inventory of existing homes were at 910,000 at the start of the new year, the lowest level recorded since 1999, according to the National Association of REALTORS®, and competition remains fierce. Affordability continues to decline, as inflation, soaring sales prices, and surging mortgage interest rates reduce purchasing power. The sudden increase in rates and home prices means buyers are paying significantly more per month compared to this time last year, which may cause sales to slow as more buyers become priced out of the market.
Source: https://www.dmarealtors.com/
