2022's Northern VA Housing Market Forecast

Table of Content

• Demand Will Shift to Urban Centers
• Where is the Housing Market Cooling in Virginia?
• The Flats at Tysons Corner to Bring Condos, Park Space to an Underutilized Lot
• Housing Market Update: Typical Monthly Payment Is Nearly $300 Less Than October Peak, Bringing Some Homebuyers Back
• More Real Estate Resources for Fairfax

We provide leasing, management, sales, and, most importantly, peace of mind. Learn more about our real estate sales services today and start getting the expertise you need. Many current homeowners may also elect to put their homes on the market this year, adding to the inventory pool.

Searching cheap houses for sale in Virginia has never been easier on PropertyShark! In the City of Lexington, for example, there were 100 active listings on the market at the end of June, which is up 56% compared to May. In Warren County, the number of active listings increased by 52% between May and June.

Demand Will Shift to Urban Centers

He helped manage all aspects of the sales including home improvement contractors and junk removal. He’s willing to help you with figuring out how to get the tough tasks of a home sale accomplished more easily. He is very good at all aspects of his job and I would recommend anyone talk with him before going with other agents or “investors” who want to buy your home for pennies on the dollar. I would recommend talking with Joe first as he’ll give you the best possible information about how to achieve the best possible outcome for your home or condo sale. He’ll help yo u figure out different options including selling your home as is or which home improvements to consider if you want to.

They can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. There are currently 20,426 residential homes for sale in the United States. Since the beginning of the pandemic, housing prices have shot through the roof. Several factors account for this; for one thing, historically low-interest rates have increased demand.

Where is the Housing Market Cooling in Virginia?

Richmond, VA home values are forecasted to rise 0.8% between August 2022 to August 2023. Lynchburg, VA home values are forecasted to rise 0.9% between August 2022 to August 2023. Charlottesville, VA home values are forecasted to drop 0.2% between August 2022 to August 2023. Danville, VA home values are forecasted to drop 0.9% between August 2022 to August 2023.

The market will be slightly cooler than in 2021, but it will most likely continue to track the region's strong pre-pandemic sales activity. Another factor contributing to increasing house prices is rising interest rates. In an effort to keep the economy stimulated, during the pandemic, banks dropped interest rates to just 3 percent. This was an opportunity many investors and first-time homebuyers couldn’t pass up, and so we saw the market boom of 2021. Stump says even in that price range, she got caught up in the real estate frenzy.

The Flats at Tysons Corner to Bring Condos, Park Space to an Underutilized Lot

There was a 99.3% sale-to-list price, down 1.2 points year over year. The number of newly listed homes was 5,957 and down 34.2% year over year. Copeland Real Estate, who has been working in the real estate market for 23 years, says he’s also guiding his clients in the market for more than a condo out farther. For those first-time homebuyers who are able to take the leap, they’re budgets don’t necessarily mirror their salaries.

The majority of the surrounding region has experienced double-digit price increases. Over the past year, the median price of a home in Arlington and Alexandria has decreased due to a greater proportion of condominium sales than single-family homes. Home prices have risen much faster in neighboring Fairfax and Loudoun counties, where the median prices were up 10.1% and 18.0% year-over-year, respectively, in April. Virginia is currently a seller's market, with homes selling quickly and for more than they are worth. According to Zillow, the typical home value in Virginia is $376,644. Although this is the statewide trend, each city and town is unique, which is why it's best to consult with a local real estate agent to better understand trends in your area.

Price indicates that the housing market is competitive and bidding wars are becoming more common. Arlington are small markets, therefore median property values can vary greatly from month to month. Monthly price volatility for Arlington single-family house prices has increased significantly. Given all this demand, it may come as no surprise that competition for homes will remain stiff. In 2021, we saw homes selling in a matter of hours, not days, and bidding wars driving sale prices sky-high.

The number of available homes for sale was down 19.6% from August 2021. You’ll receive a statement via email each time a net distribution is processed, and can view all transaction details in your Propertyware owner portal. Founded in 2005, Nomadic is the go-to full service real estate firm in the DMV.

Last year’s housing market broke eleven major industry records, including lowest mortgage rates, lowest inventory, highest home prices, fastest sales, and more. Basement floor interest rates brought out the buyers in droves, and many sellers found themselves accepting offers thousands over listing price. As we move into the hot season for 2022, many people are wondering if we can expect the same sort of frenzy again.

Of all the major U.S. metros, Sacramento was the most searched for destination among homebuyers looking to relocate between Sep '22 - Nov '22. San Francisco was the most searched for destination among homebuyers looking to leave, followed by Los Angeles, New York, Washington and Chicago. Nationwide, 24% of homebuyers searched to move to a different metro area between Sep '22 - Nov '22.

Competition for urban dwellings will be especially intense in the coming year. In 2022, as the pandemic draws to a close, interest rates are returning to more normal levels. As of this writing, they’re sitting just under 5 percent for a thirty-year loan and just under 4 percent for a fifteen-year loan.

The average sale price of a home in Fairfax was $639K last month, up 12.1% since last year. The average sale price per square foot in Fairfax is $296, down 1.7% since last year. According to the national property broker, Redfin, the home prices in the Virginia housing market were up 4.7% year-over-year in August 2022.

Overall, home prices in the NVAR region will continue to climb, albeit at a slower rate than in the previous 12 to 18 months. Northern Virginia is currently a seller's market, as the inventory supply has decreased to 1.1 months. It is unlikely to see any major price declines or a housing market crash in the foreseeable future. The Northern Virginia Association of Realtors® , in conjunction with the Center for Regional Analysis at George Mason University (GMU-CRA), issues a consensus forecast for the NVAR region’s housing market. Homes in Fairfax receive 2 offers on average and sell in around 40 days.

The prediction team anticipates Fairfax County and surrounding townhouse inventory growth to track closely with 2021 for much of the year but remain elevated in the fourth quarter. Fairfax-located condominium prices will rise 3.2% in December 2022 compared to December 2021, although the general trend line is flat for most months next year. Condo inventory will remain higher than in pre-pandemic markets but lower than last year. Our projection predicts that 9.7% fewer condos sold in Tysons and Reston than in 2021.