Northern Virginia Housing Market Report
The number of listings in Northern Virginia is WAY down, with about half as many coming on the market last month as the previous April. Prices continue to rise month to month, but are about 1% lower this April than they were last year. The average listing sold for 101.4% of list price. We are in a strong seller’s market.
There are many short term reasons for these trends. Interest rates are significantly higher now than they’ve been the last few years, so most homeowners have lower rates on their current home than they could come close to if they move. Many are staying put. Also, a lot of people who want to move because of their life situation, would put their house on the market if they could find one to buy. But it’s hard to buy a house in this market.
Over the next 10-20 years on a national level, as well as in Northern Virginia, I expect housing costs to continue to rise. We continue to see the number of new homes being built unable to keep up with new household creation. I hear this talked about on the news in relation to our country’s homelessness problem, but the shortage is and will continue to be reflected in higher prices all along the housing spectrum.
Though it is difficult to purchase a house right now, it’s not impossible. About 3000 people bought a house in Northern Virginia last month. If you are considering buying a house, we’d love to sit down with you for a strategy session. We will talk about the specific market for the type of house you are looking for and give you a strategy to win the bidding wars we are seeing in many parts of Northern Virginia. Reply to this email to set up a time to meet.