The Latest Dupont Circle Market Trends
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Fall 2022 Real Estate Market Trends
The late fall real estate market report in Dupont Circle continues to paint a picture of tightening sales, albeit with a certain stability afforded to a small in-demand neighborhood. Our most recent data continues to be third quarter sales statistics, along with October numbers providing a glimpse into the fourth quarter as well.
There has been a recent uptick in the number of closings, with six in October compared to just two the previous month. Nonetheless, volume still lags significantly in contrast to 2021 which was something of an outlier year with its 70 percent jump in sales over 2020. It is also worth noting that the average sales price of 11 recent closings is $1,637,725 representing a noticeable drop from the previous two quarters of $1,994,000 and $1,848,766 respectively.
Public confidence in the market has been falling recently, as reported in the early fall months by Fannie Mae and Freddie Mac. That won’t be helped by the Fed’s November 2 announcement of a new “jumbo rate” hike of 0.75 percent. This is the fourth consecutive jump with rates expected to top out between 4.5 to 4.75 percent in 2023.
What does this mean for buyers and sellers in Dupont Circle? The bad news is that most mortgage loans in this neighborhood are of the jumbo variety with the current average Dupont asking price hitting $2,769,871. The silver lining is that there is a healthy inventory of available listings at present, with the days on market (DOM) at just 16. In other words, there is still a strong appetite on the part of local home buyers, and there are enough choices to allow room for negotiation.
During this period of market fluctuation, I invite you to reach out with any questions about buying and selling strategy, as well as more general information about our beloved neighborhood.