2024-06-22 1:34 AM

Nation Facing Record Breaking Housing Shortage

Across the Nation, a nearly four-million estimated housing unit shortage is keeping home prices steady despite interest rate hikes, while rent increases continue to outpace even current levels of inflation. Locally, the housing market is as competitive as ever — between December 2021 and December 2022, the median home sale price in 22046 more than doubled (from $682,000 to over $1,500,000). This is partly due to low inventory — last month only four new homes were listed for sale in the city. Rental inventory is extremely low as well; only six homes and two condos are currently listed for rent within City limits, and less than forty rentals are available across the City’s six apartment complexes — and only two of those go for less than $2,000 per month.

But what does 2023 have in store for us? While inflation, mortgage rates, supply chain concerns, and worries of a pending recession have many predicting a housing decline in other areas of the country, there are some things to look forward to in our region. “Gone are the days of dozens of offers 10 — 20 percent over list price with no contract contingencies.” said Pam Micciche, realtor at HBC Group in McLean. She further described a more responsible market outlook for the coming year, “In 2023 we will experience more normal price appreciation along with contract contingencies that allow for important due diligence.”

Micciche said pent up demand and persistently low inventory make it an excellent time for a seller to take advantage and get top-dollar for their home. At the same time, those looking to purchase will experience less cut-throat competition, with homes staying on the market longer, allowing more time to find the right fit.

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