Jul 10, 2023

July 2023 DMV Real Estate Update

News & Updates

The July 2023 DMV real estate market remains strong as we head into the dog days of summer. While our area typically sees a slow down in late summer, as people go out of town for vacation, we don’t anticipate we will see as much of a decline this year. Interest rates are going in the opposite direction we had hoped for by this time of year – close to 7% currently. However, there is still very strong demand for housing in our area coupled with a continued lack of inventory, especially in the more affordable price ranges, driving our market.

In the past few weeks alone, our team has seen multiple offers in suburban MD, DC, and Northern VA. Buyers continue to favor homes that are already updated and priced correctly. Homes that are dated, need major work, or are overpriced are the only ones that are sitting on the market and not selling.

Need Assistance?

If you are considering selling your home this Summer or later this year, we’d be more than happy to help answer questions you may have on how to best position your home for sale. Our team can help you to get the most ROI – no matter the time of year or what interest rates are doing – so don’t hesitate to reach out!

Check Out the Full Video

Want to learn more about the July 2023 DMV real estate market? We thought as much! Check out the full YouTube video below. And be sure to check out our blog for the most up to date real estate content!

Read Next

JUST SOLD! 4645 Brentleigh Ct, Annandale, VA 22003

JUST SOLD! 4645 Brentleigh Ct, Annandale, VA 22003

This Annandale townhome is officially SOLD—thanks to a fast, strategic game plan by Jennifer Young Homes! From the initial meeting to hitting the market, everything moved quickly and efficiently.

JUST SOLD! 9116 Triple Ridge Rd, Fairfax Station, VA 22039

JUST SOLD! 9116 Triple Ridge Rd, Fairfax Station, VA 22039

We’re excited to announce the sale of 9116 Triple Ridge Rd in Fairfax Station, VA, a remarkable 4,091 sq. ft. “Berkeley” model nestled on a premium .36-acre corner lot—now SOLD for $1,080,000, a full $81K over asking after just 2 days on the market with multiple strong offers!

DMV Summer Market Update: Balanced and Brisk in Potomac, Vienna & Manassas

DMV Summer Market Update: Balanced and Brisk in Potomac, Vienna & Manassas

Happy June from Jennifer Young Homes! As we welcome summer and celebrate the end of the school year, here’s a quick update on the real estate market across the DMV. Despite national headlines of slowdowns, our local market remains steady and balanced. Inventory is up 49% year-over-year, giving buyers more options—but also leading to a slight oversupply in some rural and luxury segments. Pending sales are down 6.6%, the lowest since 2015, largely due to interest rates holding around 7%. Still, motivated buyers are securing well-priced, move-in-ready homes.

JUST SOLD: 8421 Ice Crystal Dr #87, Laurel, MD 20723!

JUST SOLD: 8421 Ice Crystal Dr #87, Laurel, MD 20723!

This stunning townhome-style condo in the sought-after Cherrytree Park community didn’t stay on the market long—and it’s easy to see why! With 4 spacious bedrooms, 3.5 bathrooms, and 3 beautifully finished levels with hardwood floors, soaring ceilings, fresh paint, and outdoor decks on every level, this home had buyers competing. Our seller wanted a quick sale and top dollar—so we delivered. With strategic pre-market prep, professional marketing, and expert pricing, we sold this home in just 4 days with multiple offers, closing at $580K—$30K over list price. Another win for our team and proof that experience and strategy make all the difference. Thinking of selling? Let’s talk!

Accessibility by WAH