Sellers are reaping rewards in beautiful Waynewood, with the average sale price of homes so far this year at $966,775, based on statistics from BrightMLS, our association’s multiple listing service. For the year, 19 homes have sold. Of those, the three homes that sold in April averaged $1,170,000.
Demand continues to outpace supply with buyers competing heavily for available properties. In 2021, Waynewood homes were on the market an average of 11 days before selling—and 37 of 52 (71 percent) sold in 10 days or less. So far this year, the average days on market is just slightly above six. In April, two sold in three days, the other in seven.
While low inventory continues to favor sellers in a big way, we’re still keeping a very close eye on the economy. In March, the inflation rate hit 8.5 percent, and as of this writing, the interest rate on a 30-year fixed mortgage had passed 5.4 percent.
Oftentimes sellers ask when we’re at the top of the market—a fact unknown until prices and demand start heading in the other direction. Right now, however, we’re definitely seeing one of the high points of the market, with prices consistently higher for sellers over time, and properties moving into the “sold” column in a matter of days.
It’s unknown how higher interest rates and high inflation might impact the market, but over time, higher interest rates lower a buyer’s ability to spend, and higher inflation reduces the value of each dollar.
If you’re a Waynewood resident and are considering jumping into the market, and are wondering what your house is worth, please give us a call. We’ll give you a home value analysis and can talk you through the home selling process. We offer full-service listings with an abundance of extras at a 4.5 percent commission rate. Check out what we can do for you here: https://www.dcregionrealestate.com/list.
Christopher Prawdzik and his wife Angela Logomasini are licensed Realtors® with Samson Properties in Alexandria and are members of the Northern Virginia Association of Realtors® Top Producer’s Club. Operating as D.C. Region Real Estate, they offer comprehensive real estate services, including 4½% full-service listings, throughout the entire Washington, D.C. real estate market. Angela is licensed in Virginia, Washington, D.C., and Maryland. Christopher is licensed in Virginia and Washington, D.C. In addition, Christopher holds a broker license in North Carolina and is affiliated with McGary & Associates.
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