Stay informed about the current state of the Northern Virginia market.
I’m here to provide you with an update on the Northern Virginia real estate market. While interest rates have reached their highest level since March, the key factor shaping the local real estate market remains low inventory.
As of the end of April, there were 2,306 active listings in Northern Virginia, which is comparable to the 2,337 listings at the end of March. However, this number reflects an 8% decrease compared to the previous year. The median sale price in Northern Virginia currently stands at $638,000, representing a 1.1% decline from last year but still indicating relative strength with a 3% increase from the previous month.
“The key factor shaping the local real estate market remains low inventory.”
The average days on market in Northern Virginia has increased to 17 days, up from just nine days the previous year. I recently spoke with Melissa Bell, a trusted lender from Atlantic Coast Mortgage, who highlighted that 29% of the current market comprises first-time homebuyers. This statistic reinforces the notion that purchasing a home remains a more favorable option than renting.
For further inquiries or to get in touch with us, please reach out to us at info@talk2tanya.com or call (703) 729-7001. We eagerly await the opportunity to hear from you.
