Originally published January 17, 2023. For the latest numbers, read More Homes, More Room to Negotiate: The DMV Housing Market This Fall.
Home equity was a hot topic in early 2023, and if you followed the news, you probably heard that a growing number of homeowners had “negative equity.” Don’t let those headlines scare you. They don’t give you all the information you need to understand what’s happening, or at what scale.
Headlines focus on the short term
If you’re deciding whether to move this year, look at the long-term view. In our area, the average sold price had appreciated about 57% over the previous 10 years, so homeowners who’ve been in place for a while often have substantial equity to work with.
The DC area also tends to have steadier housing demand than many other US cities. Rather than basing your decision on national news, look at current and long-term trends in your own neighborhood.
