Eckington By The Numbers || Weekend 09.23.23

I'm sure we are all thankful to see Ophelia leave us!

In terms of recent activity in Eckington, the number of active listings has increased from 35 to 36, and there have been a total of 6 closings in the last 30 days. The fall market has been somewhat sluggish, primarily due to the ongoing rise in interest rates. Notably, 5 homes in Eckington have been withdrawn from the market after remaining unsold for 30 days.

Overall, it appears that we need to recalibrate our expectations regarding the speed at which homes sell. While we're accustomed to receiving bids within the first weekend in DC, the slightly higher interest rates are having a dampening effect on the pace of transactions. When listing properties, it might be wise to adopt a mindset geared towards a 30, 60, or even 90-day sales period. Homes can still find buyers if they are presented well, priced appropriately, and strategically positioned in the market. Patience is key in allowing the right buyers to come forward.

Please come see us at 1940 2nd Street NE today from 1-3pm for an Open House! Here is a video tour of that home: https://www.youtube.com/watch?v=er4vlQBoOrU

 As of Friday, September 22, 2023, the current average interest rate for a 30-year fixed mortgage is 7.39 *We source this data from Mortgage News Daily.