THE WASHINGTON POST
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SATURDAY, MAY 7, 2022EZ
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Homes sold in 10 days or fewer in suburban Virginia
Of the 50,596 homes sold in the Virg inia suburbs in 2021, 33,315 sold in 10
days or fewer, or about 66 percent of all sales.COUNTIES Sold within 10 daysTotal sales % sold within 10 days
ALEXANDRIA CITY 1,6743,184 52.6
ARLINGTON 1,751 3,546 49.4
FAIRFAX12,196 19,40 76 2.8
FAIRFAX CIT Y2 65 433 61.2
FALLS CHURCH 112 193 58
LOUDOUN 6,352 8,539 74.4
FAUQUIER 9371 ,44764.8
STAFFORD2,620 3,586 73.1
MANASSAS CITY5 47 7826 9.9
MANASSAS PARK
CITY198 284 69.7
PRINCE WILLIAM 6,663 9,195 72.5
VIRGINIA SUBURBS 33,315 50,596 65.8
Source: Bright MLSPrince George’s County
The median price of a single-family house increased to $406,000 in 2021 from $368,000 in 2020. The median
price of a condo increased to $305,000 in 2021 from $296,000 in 2020. Sales of single-family houses increased
to 8,601 in 2021 from 8,416 in 2020. Sales of condos increased to 5,394 i n 2021 from 5,056 in 2020.ZIP LOCATION 2020 SALES PRICE 2021 SALES PRICE 2020 SALES 2021 SALES
20601 MATTAWOMAN CREEK $255,000 $285,000 22 14
20607 ACCOKEEK $419,999 $485,000 245 215
20608 AQUASCO $260,000 $270,000 20 18
20613 BRANDYWINE $495,000 $550,000 842 530
20623 CHELTENHAM $362,000 $435,000 39 39
20705BELTSVILLE $405,000 $444,000 404 414
20706LANHAM-GLENARDEN $350,000 $395,000 336 356
20707 LAUREL $390,000 $448,000 944 1,124
20708MONTPELIER $400,000 $480,000 146 154
20710BLADENSBURG$305,000 $360,000 30 28
20712MOUNT RAINIER $470,000 $475,000 79 88
20715BOWIE $384,900 $430,000 494 516
20716BOWIE-MITCHELLVILLE $380,000 $425,000 190 256
20720BOWIE $485,000 $580,000 270244
20721WOODMORE-LAKE ARBOR $500,000 $550,000 232 244
20722BRENTWOOD $349,900 $347,000 83 78
20735CLINTON $349,900 $395,000 1,136 1,080
20737RIVERDALE $338,000 $380,000 129 139
20740COLLEGE P ARK$365,000 $400,000 277 319
20743CAPITOL HEIGHTS$265,000 $300,000 1,012 1,006
20744FORT WASHINGTON $360,000 $402,000 1,488 1,619
20745OXON HILL $297,000 $350,000 170192
20746SUITLAND $295,000 $335,000 157 147
20747DISTRICT HEIGHTS$290,000 $328,000 276284
20748TEMPLE HILLS $330,000 $360,000 317320
20769GLENN D ALE $491,000 $530,000 75 78
2077 0GREENBELT$430,000 $525,000 25 24
2077 2UPPER MARLBORO $438,000 $451,000 779 786
2077 4LARGO $459,990 $485,000 477408
20781HYATTSVILLE $377 ,000 $388,000 113 112
20782UNIV. PARK-W.HYATTSVILLE $399,999 $465,000 189 195
20783ADELPHI $375,000 $410,000 163 221
20784NEW CARROLLTON $330,000 $360,000 454 570
20785CHEVERLY-LANDOVER $342,500 $387,000 187229
20903 LANGLEY PARK $477,500 $495,000 160 182
20912 TAKOMA PARK $400,000 $380,000 26 48Source: Black Knight
CORRECTION
A graphic provided by
Bright MLS for last week’s
Real Estate section showed
an incorrect percentage of
homes in suburban
Virginia that sold in 10
days or less. A corrected
version of the chart
appears on the right.
Because of a production
error, a separate graphic
showing median home sale
prices and sales by Zip
codes in Prince George’s
County was misaligned
and incorrectly identified
the Zip code locations. A
corrected chart appears
above.BY KATHY ORTON
After a brief pause, mortgage
rates resumed their rapid ascent
this week.
According to data released
Thursday by Freddie Mac, the
30-year fixed-rate average
climbed to 5.27 percent with an
average 0.9 point. (A point i s a fee
paid to a lender equal to 1 percent
of the loan amount. It i s addition-
al to the interest rate.) It was
5.1 percent a week ago and
2.96 percent a year ago. The
30-year fixed average, which
h asn’t been this high since Au -
gust 2009, has gone up more than
a percentage point in just two
months and more than two per-
centage points in the past year.
Freddie Mac, the federally
chartered mortgage investor, ag-
gregates rates from around 80
lenders across the country to
come up with weekly national
averages. The survey is based on
home purchase mortgages. Rates
for refinances may be different. It
uses rates for high-quality bor-
rowers with strong credit scores
and large down payments. Be-
cause of the criteria, these ratesare not available to every borrow-
er.
The 15-year fixed-rate average
rose to 4.52 percent with an
average 0.8 point. It was 4.4 per-
cent a week ago and 2.3 percent a
year ago. The five-year adjustable
rate average grew to 3.96 percent
with an average 0.2 point. It was
3.78 percent a week ago and
2.7 percent a year ago.
“Mortgage r ates rose again t his
week, just as they’ve gone up
almost every week since the be-
ginning of the year,” said Holden
Lewis, a home and mortgage
specialist at NerdWallet. “The
mortgage market is responding
to skyrocketing prices and the
Federal Reserve’s campaign to
get inflation under control. The
Fed raised short-term interest
rates by half a percentage point
at its May meeting, and mortgage
rates already had gone up in
anticipation of this and future
rate increases. Wednesday’s half-
a-percentage-point increase was
expected. With even more Fed
rate increases expected in future
months, mortgage rates might
keep going up.”
Wednesday’s increase of the
Federal Reserve’s benchmark
rate was the largest one-step
boost since 2000. The news came
too late in the week to be factored
into Freddie Mac’s survey. The
federal funds rate is now between
0.75 percent and 1 percent.
The central bank also released
its plans for reducing its asset
holdings. The Fed, which has
$9 trillion of Treasurys and mort-
gage-backed securities on its bal-
ance sheet, will allow them to
mature without reinvesting
them. Starting in June, it will
allow as much as $30 billion of
Treasurys and $1.75 billion of
mortgage-backed securities to
roll off each month. Beginning in
September, it will allow $60 bil-
lion of Treasurys and $35 billion
of mortgage-backed securities to
roll off each month. At this time,
the Fed does not plan to sell its
assets on the open market.
Wednesday’s “vote alone is un-
likely to spark a new surge in
mortgage rates,” said Danielle
Hale, the chief economist at Real-
tor.com. “Rather, the broader
statement language, including
the $17.5 [billion] to $35 billion in
agency debt and mortgage-
backed securities that the Fed
will begin to allow to run off of
SEE RATES ON T11MORTGAGE RATES
Rates spike to
their highest level
in nearly 13 years
The 30-year fixed-rate
average hasn’t been this
high since August 2009Weekly averages for
popular mortgage typesMay 6, 2021 May 5, 2022
1
2
3
4
5
6%
5-Year ARM
4.52%
3.96%5.27%
Source: Freddie Mac
NICK MOURTOUPALAS / THE WASHINGTON POST