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Even with a shifting market, inventory will remain relatively low and prices will continue to grow, albeit a bit more slowly. Over the next few months, pay close attention to local market conditions and trends, rather than national figures. All housing markets are local, and this is particularly true during a period of market transition. The pending sales, or contracts made to buy a house but not yet closed, decreased by 30.5% compared to August of the previous year. The housing market is decreasing compared to earlier in the year, but it's still difficult to find a property and prices are still high. This indicates that it is still a seller's real estate market in Northern Virginia.
Rising lumber prices, supply shortages, and labor shortages have also slowed down the rate at which new houses are being built, drastically reducing market inventory. In the last 30 days, homes in Northern Virginia, VA had a median sale-to-list-price ratio of 98.14%, down 1.8 pt compared to the same period last year. 19.54% of homes sold above list price, down 18.8 pt year-over-year. 37.41% of homes listed dropped in price, up 12.7 pt from last year.
Virginia Real Estate Appreciation & Forecast 2023
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.
Get married, move to a single-family home with a white picket fence and raise a family. Then, when the kids move out, perhaps downsize to somewhere with less yardwork. Last November, the median sale price for Northern Virginia Homes was $530,000.
s Northern VA Housing Market Forecast
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.
However, the pace of inventory being drawn down has slowed and inventory levels have expanded month-to-month for four consecutive months. At the end of June, the number of active listings was up 7.5% compared to the end of May. While prices are still rising, evidence implies the uptrend is fading. The forecast is that price growth will moderate as market activity cools. The state's average sold-to-ask price ratio was 101.2%, down from 102.4% the previous month and 101.8% last July. While the housing market demand is likely to stay high all over northern Virginia, we’re likely to see the demand shift more toward urban centers.
Cheap Homes for Sale in Virginia, VA
Virginia Beach, VA home values are forecasted to remain flat between August 2022 to August 2023. Winchester, VA home values are forecasted to rise by 0.4 between August 2022 to August 2023. Roanoke, VA home values are forecasted to rise 0.8% between August 2022 to August 2023.
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.
Fairfax Housing Market Trends
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.
Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments – a nationwide provider of turnkey cash-flow investment property. His mission is to help 1 million people create wealth and passive income and put them on the path to financial freedom with real estate. He’s also the host of the top-rated podcast – Passive Real Estate Investing. Drought risk is based on water stress, which estimates how much of the future water supply will be used for human purposes, like watering the lawn. Harrisonburg, VA home values are forecasted to remain flat between August 2022 to August 2023. Blacksburg, VA home values are forecasted to remain flat between August 2022 to August 2023.
The number of homes sold fell 20.4% and the number of homes for sale fell 26.2%. Virginia's housing market rebounded strongly in the spring of 2020 after a steep decline. In 2021, the hot housing market continued to be fueled by strong demand, low mortgage rates, and a trend toward working from home. In 2022, there is a decrease in sales activity, owing mostly to increased affordability issues, prolonged low inventory, and a major increase in mortgage rates.
Big Stone Gap, VA home values are forecasted to see the largest drop of 2.6% between August 2022 to August 2023. The latest migration analysis is based on a sample of about two million Redfin.com users who searched for homes across more than 100 metro areas. To be included in this dataset, a Redfin.com user must have viewed at least 10 homes in a three month period. As we come out of the pandemic, more first-time buyers are going to want to take advantage of these burgeoning social scenes. Many jobs are also moving employees back to the office, pulling people back to cities.
This month, the average number of days on market was 27, higher than the average last year, which was 21, an increase of 29%. In November, there was 1.7 months of supply available in Northern Virginia, compared to 0.8 in November 2021. There was a decrease in total units sold in November, with 2,395 sold this month in Northern Virginia Real Estate. This month's total units sold was lower than at this time last year. If you’re a buyer, especially in Northern Virginia, don’t expect a sudden or drastic drop in home prices – experts say it won’t happen. Instead, think about your homeownership goals and consider purchasing a home before prices rise further.
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.
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