While the weather in Washington DC Metro is getting hotter, the DC residential real estate market is also getting hotter than ever and burning wallets. Buyers are dealing with bidding wars and waiving all kinds of contingencies just to get the property they liked. See below for a statistical update on the market:
May 2021 Market Action Report sees some movement in the market! Property sales are up drastically compared to this time last year by 55.7% in Washington and 48% in Baltimore. Prices are also rising, with Washington up by 15.5% compared to the last year and Baltimore up by 16.6%. When it comes to inventory, DC has 8502 units available, which is up by 17.4% compared to last month, and down by 6% from last year. Baltimore has 6376 units, up 11% from last month, and down 44.3% from this time of last year.
Right now, properties are selling faster than this time of last year. The average days on market in DC is 15, down from 24 days this time of last year and 16 days in April. Baltimore properties on average stay 22 days on the market, down from 50 in May 2020 and 28 in April 2021.
In this fast running market, there is no time for mistakes. In the time of bidding wars, the offers not put together properly often ignored as the sellers became pickier than ever in deciding who to sell their properties. That said, if you are looking for buying a property, I strongly suggest working with a buyer's agent experienced in putting together a negotiation strategy that will make sure to secure the property you liked. Feel free to reach out if you need our team's help.