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Q1 2024 Market Update

D.C., Maryland, & Virginia

Washington, D.C.

Washington, D.C.’s residential real estate market is showing signs of improvement, with most housing indicators suggesting a positive outlook for 2024. Existing home sales saw the largest monthly increase since February 2023, despite a general trend of decreased sales. The growing supply of homes is stimulating market activity, while strong job growth continues to support robust demand.

Maryland

Maryland’s housing market continues to see rising prices, with approximately a 2.5% quarterly increase. Despite a significant decline in housing inventory this year, demand remains steady, particularly from government workers and military personnel. Homes are often sold within a week of listing, indicating a brisk and competitive market.

Virginia

Virginia’s multifamily rental market and residential sales started the year strong, with rents experiencing upward pressure and a slight uptick in vacancy rates. Northern Virginia and the Richmond region showed the best performance, driven by the leasing of new units introduced to the market last year. However, the construction pipeline has slowed down compared to 2023.

 

 

 

Actionable Advice for D.C., Maryland & Virginia Agents:

Remember that each market is unique, so tailor your strategies to the specific needs of your specific area.

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