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:

• Understand the NAR Settlement: Familiarize yourself with the National Association of REALTORS® (NAR) settlement terms. It’s essential to know the key changes and how they impact your business.
• Review MLS Policies: Be aware of the updated MLS policies that take effect on August 17, 2024. These changes may affect how you operate within the MLS system.
• Buyer-Broker Relationships: While the settlement doesn’t mean buyers won’t need a buyer broker, it’s crucial to adapt your approach. Understand how compensation offers are handled and communicate transparently with clients.
• Stay Informed: Keep an eye on industry news and updates. The real estate landscape is dynamic, and being informed helps you navigate changes effectively.
• Market Trends: Monitor local market trends, especially during the summer season. Understand buyer preferences, inventory levels, and pricing dynamics.
• Client Communication: Maintain open communication with clients. Explain any changes related to compensation, MLS policies, and settlement details.

Remember that each market is unique, so tailor your strategies to the specific needs of your specific area.  I will continue to keep the DMV market updated on the NAR settlement terms over the course of the next few months, so stay tuned to your inbox.