Much like throughout the rest of the county, Covid-19 initially brought uncertainty to the Washington, D.C. metro area real estate market. However, the market within a short period of time – one month of so – not only regained its footing but began to make record strides. Once everyone adjusted to the new protocols put in place – virtual showings, masks and gloves and sanitizers at appointments – it buzzed. A rigorous period of both buying and selling began throughout the area. Before we knew it, inventory was drying up.
Later, once the initial shutdowns in the District, Northern Virginia, and Montgomery County, Maryland were lifted, a pent-up demand was unleashed. This led to a quickness in the market. Properties were selling fast and bidding wars were occurring more often than usual. A shrunken inventory continued to shrink further. Buyers were dominating the scene. Sellers began to release their properties in this hot market.
The same is occurring today, nearly one year after the outbreak of the pandemic in The United States. The Washington DC metro market continues to be a hot market. While we still have a shortage of inventory, more sellers are entering the space. Real estate business is booming.