The Cost of Waiting: What the 2026 Midterms Mean for Historic Homes in Washington

By Greg Doherty | Historic Homes & Estates

“Markets do not pay you for certainty. They charge you for it.”

That observation from market commentator Jim Bell captures something important about real estate, particularly here in Washington, where politics, policy and property values frequently intersect.

The 2026 midterm elections changed the balance of power in Washington. Democrats won control of both houses of Congress while President Trump remains in the White House.

The election is over. The uncertainty is not.

For homeowners contemplating a sale, and buyers considering a purchase, the natural inclination may be to wait until the political and economic picture becomes clearer.

But what is the cost of waiting?

A Market in Transition

Across Northern Virginia, inventory has increased substantially, giving buyers more choices while prices have remained resilient.

In September, active listings were 30.7% higher than a year earlier. Yet the median sold price increased 4.2% to $744,950, even as closed sales declined 7.5%.

Those numbers tell an important story.

Buyers have more opportunities to compare properties, question asking prices and consider alternatives. Sellers, meanwhile, can no longer assume that the conditions of the recent past will automatically produce the same results today.

Financing costs remain part of the equation. As of November 5, Freddie Mac reported an average 30-year fixed mortgage rate of 7.18%.

Yet broad market statistics only take us so far.

Historic and distinctive properties are rarely commodities. Their value depends not simply on square footage, bedroom count or even ZIP code, but on how architecture, condition, location, provenance and livability come together.

Old Town Alexandria: Where Character Meets Function

In Old Town, an authentic historic home offers something that cannot easily be reproduced: architecture, craftsmanship, established streetscapes and an enduring sense of place.

But today's buyers increasingly distinguish between a beautiful old house and one that lives beautifully.

Room proportions, natural circulation, carefully integrated kitchens and bathrooms, outdoor space and the relationship between original architecture and later improvements all influence value.

Two historic houses with similar square footage and bedroom counts can provide remarkably different living experiences.

A house built before modern plumbing, for example, may have gained additional bathrooms by converting rooms that were originally intended for another purpose. That may be entirely appropriate, but how those changes affect circulation, proportion and everyday use matters.

The strongest properties are often those where historic character and modern functionality complement one another rather than compete.

For sellers, that makes preparation, presentation and pricing especially important.

Georgetown: The Value of the Irreplaceable

Georgetown presents a similar opportunity, with an additional layer of architectural scarcity.

A beautifully proportioned historic residence, thoughtfully preserved and adapted for contemporary living, cannot simply be duplicated on another lot.

Yet scarcity alone does not establish value.

Buyers recognize the difference between an original architectural feature and an alteration that compromises the intended proportions or circulation of a house.

The provenance of a property, the quality of its restoration and the way its rooms flow together can matter as much as the number of bathrooms or size of the kitchen.

That is why understanding an historic house requires more than selecting a few nearby comparable sales.

You have to understand the house itself.

Virginia Countryside: A Different Kind of Luxury

Farther west, in the villages, farms and estates of Virginia's countryside, luxury often includes privacy, acreage, landscape, history and authenticity.

These properties attract buyers seeking something more personal than conventional suburban living.

But this market is highly property-specific.

A historic farmhouse with a compelling setting, good access and well-maintained improvements may appeal to a very different audience from a similarly priced property with compromised land, infrastructure or location.

Here, patience may be necessary—but accurate valuation, positioning and knowledgeable representation remain indispensable.

What the Election Changes — and What It Doesn't

A divided federal government may affect policy, regulation, government contracting, federal employment and economic confidence.

But election results alone do not determine mortgage rates, housing supply or the value of an individual property. Rates respond to inflation, bond markets, monetary policy and broader economic conditions.

Nor can an election change the intrinsic appeal of a well-preserved historic home in an exceptional location.

For some buyers, uncertainty may create negotiating opportunities that become less available if confidence and competition increase.

For sellers, waiting may be entirely appropriate.

But waiting is still a decision—and it has costs.

Additional competing inventory can come to market. Carrying expenses continue. Family circumstances change. Buyers' preferences evolve. A property that looks distinctive today may face different competition six months from now.

None of that means a homeowner should rush to sell.

It means the decision deserves analysis.

The Difference Between Waiting and Preparing

The question is not whether we can predict what Washington will look like six months from now.

We cannot.

The better question is whether we understand today's choices well enough to make a thoughtful decision.

A homeowner may conclude that the best strategy is to sell this winter, prepare carefully for the spring market or remain in the home for several more years.

A buyer may decide to act when the right property becomes available even while the headlines remain unsettled.

What matters is that the decision reflects the individual property, the owner's objectives, current market evidence and the realistic alternatives.

Uncertainty is inevitable. Indecision is optional.

Markets may charge us for certainty, but good advice can help us understand the price of waiting.

For buyers and sellers considering a move in Old Town Alexandria, Georgetown or the Virginia Countryside, the opportunity is not to predict the future perfectly.

It is to understand the value—and the choices—available today.

Considering a sale or purchase of a distinctive historic property?

I welcome a conversation about the individual character of the property, current market conditions and the choices available to you.

Greg Doherty | Historic Homes & Estates
Old Town Alexandria • Georgetown • Virginia Countryside
GregDohertyHomes.com