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The Bridge Team

Washington Park Market Report – 2023 in Review

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Frozen… Gridlock in the Market

Frozen is how the latest U.S. News Report on housing describes the national housing market. That same report names the conglomeration of Denver, Aurora, and Lakewood as the hottest market in the country. That is amazing! So we have the hottest market in the U.S. because it is frozen. Does that even make sense? The US News report states, “Despite 30-year, fixed-rate mortgage rates falling to about 6.8% from October’s highs, which approached 8.0%, the national U.S. housing market remains somewhat frozen given the huge share of existing owners locked in place with mortgages well below 6%.” So the “hottest” market in the U.S. has been created by a lack of inventory as sellers cling to their low-interest rates.

Washington Park is no exception. The low inventory created an average of 34 days on the market (DOM) in East Wash Park and 19 days on the West side. That is up from the all-time low in 2022 of 21 and 15 days respectively yet below 2019 when the numbers were 50 and 30.  So, it remains a seller’s market.

The high-end has also done very well. With only 9 homes currently available in Washington Park priced over $3 million and 28 sold in 2023, we only have a 3-month supply in that price range. Again, that is considered a Seller’s market.

In conclusion, it is a great time to own or sell a home in Washington Park. It was less competitive to buy a home in Washington Park in 2023 than in 2022 as the higher rates kept some out of the market. Many feel that when or if rates drop below 6%, the craziness will resume pushing prices higher again.

The Team and I have seen many kinds of markets over the last 40+ years. If we can help you navigate this one, please don’t hesitate to get in touch. Real estate experts like us typically don’t charge any more than those with much less experience. Working with us could make a huge difference in the results you achieve.

Your call at 303-331-4589 for any of your real estate questions will be warmly received.

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