Linda French, Realtor

Take a look at this weekend's open house guide! For more information on these homes, visit mcenearney.com/open-houses-new.

Take a look at the newly listed homes at McEnearney Associates! To view the full list, please visit mcenearney.com/new-real-estate-listings.

Contract activity for the week of June 25 – July 1, 2023, in the Metro DC area fell by 16% compared to last year's seven-day period.

Key Takeaways:
• 30-year fixed mortgage interest rates on January 1, 2022, were 3.11%. On January 1, 2023, they were 6.5%, and contract activity was getting hammered. On July 1 of last year, rates stood at 5.7% - today, they are just under 7%. That’s a much smaller gap, and buyers are mainly getting used to the fact that rates aren’t coming down anytime soon.
• But as we have noted, that gap is too large to coax new listing activity back to normal levels. Nationally, 62% of all homeowners have a sub-4% rate, and 23.5% have a sub-3%-rate, and giving up those low rates to buy something at a higher rate isn’t in the cards for way too many would-be sellers.

Why it Matters:
• There was a 37% drop in the number of new listings (932) coming on the market last week compared to the same week the previous year (1,497). We’ve seen yet another week where there were fewer new listings than new contracts, contributing to the tight supply conditions.
• Nonetheless, the most encouraging news is that there were still almost 1,250 homes that went under contract last week.

Just Sold! 🏡

Thank you to my clients for entrusting me with the sale of your home. It was a pleasure working with you every step of the way!

Looking to buy or sell? I'm here to help! Whether you're searching for the right home or ready to make a move, send me a DM to get the process started!

McEnearney Associates profiles the most important market indicators for the DMV area every month!

This includes:
• contract activity
• interest rates
• inventory
• affordability
• direction of the market

The report highlights why these numbers are important and what they mean for the future of the real estate market. For a copy of the full report, visit mcenearney.com/market-in-a-minute.

Contract activity for the week of June 18 - 24, 2023 in the Metro DC area fell by 14% compared to the same seven-day period last year.

Key Takeaways:
• Despite the drop in contract activity, the surest sign of the tight market is days on the market. Last week, homes going under contract were on the market for an average of 19.5 days – the same as last week when many more homes were selling.
• As we have noted before, that’s because there are so few listings. Last week there was a 51.3% drop in the number of new listings coming on the market compared to the same week the previous year, and there was also a 17.7% drop compared to just one week ago.

Why it Matters:
• With school out for summer, we’re heading into a period where there is typically a drop in contract activity as people head out of town on vacation. We don’t think this year will be any different.
• Nonetheless, we will likely see at least 1,000 homes go under contract each week, and that’s not bad.

Contract activity for the week of June 11 - 17, 2023 in the Metro DC area fell by 13.4% compared to the same seven-day period last year. That’s a little better than the previous week’s 16.8% decline.

Key Takeaways:
• The current market is nothing if not consistent. The number of new buyers is lower because of high-interest rates, and the number of new sellers is even lower for the same reason. Too many homeowners with mortgages below 3% find the current rates near 7% too high to make a move.
• As we have seen almost all year, the drop in weekly new contract activity is less than the drop in new listings. This past week was no exception. Contract activity was down 13.4%, and new listing activity was off 50.3%.

Why it Matters:
• Put it all together, there are two fundamental realities in the DC metro real estate market: fewer transactions, and there isn’t enough supply to meet demand.
• While this dynamic isn’t going to change in the short run, it will change. Markets seek balance over time, and there is pent-up demand among buyers and sellers that will be unleashed when rates come down.

Open House Saturday and Sunday 2-4 PM!

Welcome to 6405 14th Street East! Enter the yard through quaint wooden gates and follow the stone path to a fabulous, ultra-charming cottage in the highly sought-after New Alexandria neighborhood. Built in 1942, the home blends modern conveniences and classic details, including hardwood floors on all levels, built-in cabinets, and vaulted ceilings. On the main level is a gracious entry foyer, a chef's kitchen with custom cabinetry, Viking professional-grade range, a Sub-Zero refrigerator, a formal dining room with a large fireplace, and a living/family room with a delightful porch overlooking the Belle Haven Meadow. On the upper level are three secondary bedrooms (one with a vaulted ceiling), a laundry room, and a full bath.

A few steps up, the stunning private primary bedroom suite boasts a wall of built-in closets and vaulted ceiling + a modern full bath with a soaking tub and walk-in shower. Beautiful plantings and a delightful flagstone patio provide ample space for outdoor dining/entertaining.

Send us a DM for more information!

The amazing variety available at farmer's markets throughout the DMV is much more than the home gardener can produce. In addition to fruits and vegetables, many markets feature artisan bread, sauces, preserves, baked goods, and other specialty foods. Check out this list of farmer's markets in the DMV area. https://www.mcenearney.com/blog/farmers-markets-washington-dc/

Contract activity for the week of June 4 - 10, 2023 in the Metro DC area fell by 16.8% compared to the same seven-day period last year. That’s a little better than the previous week, and Prince George’s County had a (tiny!) 0.9% increase in new contracts.

Key Takeaways:
• It’s an odd market, without a doubt. Buyers have been hit hard by the highest interest rates of the year, but those still active are willing to act quickly.
• Last week homes went under contract in an average of just 19.6 days. That’s almost as quickly as last year, and it’s the shortest average time on the market this year.

Why it Matters:
• Once again, this market is about the impact of interest rates and very tight inventory. Last week 1,168 new listings came on the market. That’s a 46.7% decrease from the same week the previous year.
• In addition, there were 1,319 new contracts last week, so there weren’t even enough new listings to replace the ones that went under contract.

Upbeat festivals, outdoor dining, and other happenings in June truly mark the beginning of summertime. Don’t miss the chance to live this month to the fullest with our curated selection of June events around Washington, DC, Northern Virginia, and Maryland. https://www.mcenearney.com/blog/june-events-washington-dc/

Contract activity for the week of May 28 – June 3, 2023, in the Metro DC area fell by 21.2% compared to the same seven-day period last year. That’s a little better than the previous week, and Washington, DC, had a 5.8% increase in new contracts.

Key Takeaways:
• Mortgage rates ticked over 6.75% last week, the highest level this year. Yet despite that increase, there were still over 1,000 homes that went under contract last week.
• New listing inventory continues to be very low. There were 50.4% fewer new listings compared to that same week last year, but in a little bit of good news, new listings were up 15% compared to the previous week.

Why it Matters:
• We’re surprised and encouraged that higher mortgage rates haven’t impacted demand more than they have. The demand for housing is there, and with the budget deal finally in place to avoid default on US debt, we’re hopeful that rates will start to head down.
• If rates do turn around, they aren’t like to fall as quickly as they rose. It’s going to take time.
• The average number of days homes went under contract last week was just 22.8, and that’s amazingly quick given the high mortgage rate environment.

Contract activity for the week of May 21 - 27, 2023 in the Metro DC area fell by 23% compared to the same seven-day period last year.

Key Takeaways:
• This drop looks big at a quick glance, but there’s some good news here. Last year, Memorial Day was May 30, so last year’s numbers were not impacted by holiday travel. This year the numbers are slightly lower than normal because of that travel.
• In addition, mortgage rates ticked higher last week, which typically suppresses contract activity. Bottom line: we expected the numbers to be worse than they were.
• One trend is consistent: new listing inventory continues to be hammered. There were 43.8% fewer new listings than last year, and almost 20% fewer listings than just a week ago.

Why it Matters:
• As noted, interest rates will have come down a lot to coax more sellers into the market.
• Because of the lack of inventory, homes are selling quickly. Last week, homes going under contract were on the market for an average of 22.6 days.
• Homes that aren’t selling simply aren’t priced in line with current market conditions.

This Memorial Day, we honor those who made the ultimate sacrifice in service to our country.

Open House Saturday & Sunday 2-4 PM! 🏡

New Construction! Great, close-in McLean location! Located on a superb cul-de-sac lot in the highly desirable Langley School pyramid, this stone and Hardi-plank home has many classic and modern features, including hand-finished oak hardwood floors, 10' ceilings, five gas fireplaces, office with custom built-ins and a charming, covered flagstone porch. For entertaining, there's a formal living room, dining room, and an amazing kitchen with designer wall tiles and top-of-the-line appliances. A large private bedroom on the main level with an en-suite bath and walk-in closet is perfect for guests, parents/in-laws.

The convenient mud room entrance on the side of the house boasts numerous cabinets, a sink, a full-size refrigerator, and a Bosch stack washer/dryer. On the upper level is a spacious primary suite with extensive trim and paneled walls, a fireplace, a luxe bath, three walk-in closets, a large laundry + 3 additional bedrooms, each with an en-suite bath.

The lower level has a huge entertainment area with a wet bar and coffered ceiling, a bonus room, 6th bedroom, a game room, a luxurious spa bath, and a 3rd laundry room with appliance hookups. Offered at: $2,850,000.

Send me a DM for more information!

Contract activity for the week of May 14 - 20, 2023 in the Metro DC area fell by 21.1% compared to the same seven-day period last year.

Key Takeaways:
• This is a bit worse than the previous week’s 12.5% drop, but it’s still better than the typical 25% - 30% drop we have seen almost every week this year.
• There were over 1,300 homes that went under contract last week, although that’s a little lower than the previous week.
• As noted for months, there isn’t enough inventory to give the market some liquidity. There were 53% fewer listings on the market last week than last year.

Why it Matters:
• Sellers are happy – buyers are frustrated.
• Although it varies from jurisdiction to jurisdiction, roughly 55% of homes sell at or above their original list price in the DC metro area.
• As we get into the summer months and – we hope – interest rates start to head down, we can expect an uptick in new inventory. But it’s going to be a wave, not a tsunami.

Open House Sunday 2-4 PM! 🏡

New Construction! Great, close-in McLean location! Located on a superb cul-de-sac lot in the highly desirable Langley School pyramid, this stone and Hardi-plank home has many classic and modern features, including hand-finished oak hardwood floors, 10' ceilings, five gas fireplaces, office with custom built-ins and a charming, covered flagstone porch. For entertaining, there's a formal living room, dining room, and an amazing kitchen with designer wall tiles and top-of-the-line appliances. A large private bedroom on the main level with an en-suite bath and walk-in closet is perfect for guests, parents/in-laws.

The convenient mud room entrance on the side of the house boasts numerous cabinets, a sink, a full-size refrigerator, and a Bosch stack washer/dryer. On the upper level is a spacious primary suite with extensive trim and paneled walls, a fireplace, a luxe bath, three walk-in closets, a large laundry + 3 additional bedrooms, each with an en-suite bath.

The lower level has a huge entertainment area with a wet bar and coffered ceiling, a bonus room, 6th bedroom, a game room, a luxurious spa bath, and a 3rd laundry room with appliance hookups. Offered at: $2,850,000.

Send me a DM for more information!

Just Sold! Congratulations to my sellers and the lucky buyers!

📍This new construction home located on a superb cul-de-sac lot in the highly desirable Ruckers Langley neighborhood has many classic and modern features including hand-finished oak hardwood floors, 10' ceilings, 5 fireplaces, library with custom built-ins and a charming, covered flagstone porch with gas fireplace.

If you are looking to buy/sell send me a DM to learn more about the process!