In the first half of 2023, the volume of multifamily sales in the Mid-Atlantic region fell to its lowest level since 2014. However, the prospects for the second half are traditionally brighter, and investors are still active, CBRE reports.
The Mid-Atlantic covers Maryland, Washington, DC and Virginia, but the report focuses on the core Baltimore and Washington, DC metro areas within the region, says CBRE research director Stephanie Jennings.
Multifamily sales in the region totaled just $1.94 billion in 1H 2023, 64% down from the prior year, and 46% below the long term H1 average since 2014. "Investors remain cautious and selective with their investments, only willing to pursue what they deem the most compelling deals," CBRE commented.
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