Welcome to the real estate market report for Washington DC’s Brightwood neighborhood. I will present a few regional news tidbits, and then dive into the analysis of the Brightwood area home sales.
Washington, DC Market Trends
The Washington real estate market continued its long hot streak. July’s median sales price of $569,000 was just $500 shy of the all-time record high.
Scarce supply continues to be the story, with less than a two-month supply of homes for sale on hand.
Half the homes sold in July were on the market 11 days or less.
Despite the gaudy numbers, many veteran real estate agents are beginning to watch for signs of a shift in the market. One top-selling agent that I work with says, “I think buyer fatigue is setting in a bit. Many are getting frustrated with low inventory, competing with so many people and they really don’t want to overpay.”
I am tracking that issue and you will be the first to know if that shift happens by reading this report each month.
Brightwood Real Estate Market Stats
Number of Brightwood Homes Sold by Month
Median Price of Brightwood homes (single family & rowhouse) by Month
July 2018 Brightwood Market Data
So, what advice can we give based on the latest statistics?
Advice for Potential Brightwood Home Buyers
If you’re been following my reports or the general real estate news recently, it is no surprise to you that housing inventory has been a major challenge. There are just not enough homes for sale to meet the demand of the people who want to buy. This problem is especially acute in the Starter-Home market, which we can define in the DC area as anything home under $400,000.
As we can see, prices in this segment are up 9.4% since last year. Young people who are considering marriage or starting a family have been discouraged by these prospects. In fact, a recent study by First American Mortgage cites the “Limited Inventory of Homes I Like” as the #1 obstacle to becoming a homeowner for members of the millennial generation:
- Low inventory of homes for sale has been a burden for home buyers, except for those shopping in the luxury or premium home market. However, there are signs that that crunch is beginning to ease. Check out my blog post from last month where I show that home inventory in Maryland’s DC suburbs actually increased year-over-year in June for the first time in 36 months. If that trend continues and spreads into the city, home buyers may see some relief in the near future.
- Stay patient and keep your eyes on your daily real estate market updates. Most importantly, be ready to act when a home that you like comes on the market; get your credit and financing together now.
- With interest rates predicted to rise, now might be a great time to purchase your first home or move up to that dream house while mortgage affordability stays within reach for the average family.
If you’re considering buying a home in the Brightwood area, please contact me at 202-717-2276 with your needs and I will help you find the right home!
First-time homebuyers may want to check out my story: Diary of a First-Time Homebuyer.
To Search Brightwood homes for sale, please use this link.
Advice for Potential Brightwood Home Sellers
- There’s never been a better time to be a home seller, and now is the time to act.
- Take advantage of the extremely low inventory and list your home before more competition comes on the market in September.
- Experts say that we are nearing the end of the longest economic expansion in American history. A slowdown is due.
- Don’t try to time the top of the market; if you’ve been thinking about selling, start preparing your home now. Follow these quick renovation tips to maximize your ROI.
For an evaluation of your specific home’s marketability, please contact me at 202-717-2276.
See you next month!
Forged with a civil war battlefield at its heart, Brightwood is a historic neighborhood that stands at the dawn of a new era. With a diverse and sensible housing stock, it has always been known as a family-friendly, “move-up” destination for hardworking Washingtonians.
Now, with the redevelopment of the 110-acre Walter Reed campus just to the north, this neighborhood is poised to join the ranks of the hottest areas in the city. This project will bring 66 acres of mixed-use development: shops, restaurants, entertainment and new residents. Children’s Hospital is developing a new health research campus and the U.S. Department of State will welcome chancelleries from a dozen nations.
All data is derived from the Washington area Bright MLS system as of August 14, 2018.
This report is for single family homes and rowhouse, NOT condos. The report covers the advertised subdivision of Brightwood, which includes many blocks that are traditionally considered to be Manor Park and Takoma DC. This report is informational and for the best advice for you as an area home buyer or seller, please contact me for a specific review of your needs.