Corey Burr, Senior Vice President at TTR Sotheby’s International Realty, stated in an interview with WTOP that the past winter was particularly cold and saw a noticeable slowdown in real estate activity during January and February.
Burr predicts that the region will experience a surge in “pent-up demand” from both buyers and sellers who chose to delay listing their homes until the weather improved. He emphasized that the spring season—especially the next four months—has historically been the most active period for real estate sales in the greater Washington area.
He also pointed out that mortgage rates have dropped from around 7% to the 6% range compared to last year, which could help stimulate the market. Burr expects this decline to encourage more buyers to enter the market.
Additionally, Burr noted that buyers today have more options than during the post-pandemic housing boom. There has been roughly a 20% increase in the number of homes available for sale compared to last year, along with properties staying on the market longer than usual. He mentioned that the average time homes remain on the market is now at its highest level in five years.
Despite this, Burr rejected the idea that the current market is a “buyer’s market,” instead describing it as a more balanced environment. He explained that newly listed homes still experience strong competition within the first week or two, but after that period, buyers tend to feel they have greater negotiating power.
