If you keep up with everything happening in real estate right now, you know that different factors in the market can change at the drop of a hat. Because it is important to know about the home market before you choose to buy, we are here to keep you up to date! Discover the latest trends in real estate in the DC Metro area, where many of Miller & Smith’s new home communities are located and now selling!
Redfin, a popular national real-estate brokerage, recently conducted a survey that provided specific insights into the current real estate trends of the DC Metro Area. Despite factors like a 25% increase in requests for home tours year over year and a continued rising consumer confidence in the housing market, the demand for homes is “relatively weak” according to Redfin, who reported a 4.3% decrease in demand year over year. The survey also reported a 17% decrease in the inventory of home year over year in the region, which Redfin says could be the cause of less demand. According to Redfin real estate agent, Dan Galloway, inventory is the lowest in the most highly sought after price range, between $380,000 and $800,000.
Galloway continues to explain why right now is a great time to buy a home while the region is focused on other things. “Buyers should take advantage of the remainder of the summer. The political class is out campaigning, which means the pool of buyers will be smaller and there will be less competition.” This is especially true in the D.C. area where preparations for the big election are in full swing.
So, what does this mean for you, the homebuyer? Although the inventory of homes for sale is lower than usual, Miller & Smith has both to be built homes and immediate delivery homes available in the most sought after price range in many of our new home communities. Our communities in the DC Metro area include Embrey Mill (Stafford, VA), Signal Hill Station (Prince William County, VA), Aspen North at Lake Linganore (New Market, MD), with even more coming soon to Loudoun County, VA! To explore all of our new homes for sale, visit millerandsmith.com because now is the perfect time to find your dream home with Miller & Smith.