My whole career I have been asked, “So, how’s the market?” Well, this year and more specifically, in the last few months, I have been asked this even more. It is a loaded question because it depends on whether you are a buyer, a seller, or if you are looking to rent and most importantly where you are looking to do any of these types of transactions. After we clarify what they want to know, I find it is a lot of curiosity because people love to talk about real estate. It also is of interest to them because in our discussions I hear things like, “I don’t see any for sale signs in my neighborhood”, “when houses go up for sale in my area, they sell right away”, “my friend is looking for a house and they are losing out on multiple contracts” and many other similar comments so there is a genuine interest in “How’s the market”.
Overall, in Northern Virginia, the inventory on active resale homes is down over 31% from last year and units sold are virtually the same which means it is extremely competitive to be a buyer and if you price your house correctly, you can be a very happy seller. As always it is a hyper-local market so let’s take a deeper dive into the counties.
- Arlington County – the Amazon Effect is keeping inventory low, median days on the market extremely low but interestingly enough, prices are not as high as you would think considering the supply and demand in that area. Closed sales are down as inventory is down and prices are up just 4%. Houses sell quickly – median days on market are just 9!
|Total Sold Dollar Volume||182,179,254||down5.9%||down7.5%|
|Median Sold Price||$616,000||up1.3%||+9%|
|Average Sold Price||$684,884||up4%||-7.2%|
|Median Days on Market||9 days||down75.7%||0%|
|Average Days on Market||30 days||down40%||-16.7%|
- Fairfax County – Prices are up Year over Year but down Month over Month which indicates sellers are starting off too high and then making adjustments to get them sold. Days on market for Median Days and average days indicate a strong market but remember, price is critical to getting houses sold today. Closed sales are up Year over Year but are down Month over Month.
|Total Sold Dollar Volume||1,027,443,963||up7.9%||down5.9%|
|Median Sold Price||$539,900||up2.3%||-4.4%|
|Average Sold Price||$612,668||up1.5%||-1.1%|
|Median Days on Market||17 days||down56.4%||+6.3%|
|Average Days on Market||33 days||down31.3%||+6.5%|
- Loudoun County – the market in Loudoun is slowing a little as they are experiencing what other regions are – Year over Year gains but Month over Month declines. Median Days on Market jumped MoM but prices are maintaining in the area. There is lots of pent up demand in Loudoun – stay tuned on their progress.
|Total Sold Dollar Volume||408,811,460||up8.4%||down2.8%|
|Median Sold Price||$512,250||up8.5%||-0.5%|
|Average Sold Price||$549,478||up6.9%||-1.4%|
|Median Days on Market||23 days||down39.5%||+43.8%|
|Average Days on Market||38 days||down34.5%||+22.6%|
- Prince William County – consistent with the other counties showing price reductions but an overall strong market as sales are strong and Days on Market are low. Prince William offers the lowest prices so more value!
|Total Sold Dollar Volume||318,271,988||up5.4%||down1.5%|
|Median Sold Price||$385,000||up6.9%||-2.5%|
|Average Sold Price||$409,616||up5.9%||-1.8%|
|Median Days on Market||24 days||down41.5%||+14.3%|
|Average Days on Market||38 days||down19.2%||+5.6%|
Remember, within the counties, there is also a deeper dive that needs to be taken into consideration in neighborhoods and price points. Hopefully, this gives you a better idea of what is happening in our real estate market in Northern Virginia. If you have any questions or concerns or if you are looking to make a move, please feel free to call me.