Weekly Northern Virginia Real Estate Market Update - March 23
By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
Despite the rising home prices for this week, why is the market still very hot in the DMV Area? Welcome to our Weekly Real Estate Housing Market Report, where we answer that question along with the current status of the housing market. Last week, the feds raised the interest rate by 2.25% basis point which impacted both the short and long term effects in the interest rate. That's about 4.5% if we're talking about mortgage with a 30-year term. So despite all this, why has it not impacted the DMV housing market? If we take the stats at the national level, we have learned that average inventory is at 1.7 months which is 16% below. In order to sustain the housing market with the buyers and sellers getting everything, we need a six months inventory -- which is, if we do the math, the key var...
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