Anyone who’s been house hunting in one of the Washington area’s hot neighborhoods would dispute this, but according to Zillow’s recent research into the top buyers’ and sellers’ markets across the country, the D.C. region is Number 10 on the Top 10 list of buyers’ markets. In a buyers’ market, properties tend to stay on the market longer and sellers are more likely to need to cut their asking price to attract a purchaser.
The No. 1 buyers’ market is Baltimore, while the No. 1 sellers’ market is San Francisco.
The researchers compared the percent of listings with a price cut and how long listings typically stay on the market. Nationally, Zillow’s statistics show that 9.4 percent of listings had a price cut and the average number of days a property stays on the market before selling is 90. In this region, 11.3 percent of listings have a price cut and homes stay on the market for 84 days, according to Zillow.
When you dig a little deeper, it’s a little more understandable that the D.C. region could be considered a buyers’ market, since the metro area is extensive and includes a broad range of neighborhoods. The research also shows the variance between local jurisdictions.
Among the jurisdictions Zillow identified as buyers’ markets in this region are Huntingtown, Chesapeake Beach, Indian Head, Bowie and District Heights — all in Maryland.
Zillow identified Centreville, Franconia, Alexandria, Purcellville and Sterling, all in Virginia, as the top five sellers’ markets in D.C. area.
Of course, markets can shift from a sellers’ market to a buyers’ market or the reverse depending on a variety of factors. In a recent survey of housing market experts, Zillow found that the majority anticipate the overall national housing market to switch from a sellers’ market to a buyers’ market in 2018 or 2019.
If you’re interested in selling your property, Zillow’s research shows that homes listed between April 1 and 15 sell an average of 15 days faster than an average listing in this area and for a $4,500 premium. Its data also shows that the ideal day of the week to list your house is Thursday in this region to get the most viewers.
For more information and to try out Zillow’s Best Time to List tool, visit Zillow.com.
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