The DMV housing market has been on a hot streak. Here’s what prospective homebuyers need to know.
The real estate industry is typically an ebb and flow—but over the past year and a half, that “flow” in the D.C., area has been more of a flood.
After a hectic 2020 housing demand crunch, real estate prices in the DMV have remained sky high. In June 2021, the average home for sale closed at 102% of its list price, and the median home price in the District reached $700,000 for the first time. While home prices have been soaring in the region for several years now, historically low mortgage rates and the pandemic have exacerbated the issue of steep housing demand and scarce supply.
Bethesda, Md.-based Malcolm Hollensteiner, head of mortgage production at Sandy Spring Bank — a community bank that’s operated in the area for more than 150 years — has been surprised by the unrelenting market upswing, which has continued well…