Northern Virginia Real Estate Market Update March 2024

Northern Virginia Market Update

The big story in these numbers is the increase in listings from last February.  They are only up 3.2% but after months on end of seeing that number in the negative I’m glad there is more on the market to choose from.  

Even though inventory numbers went up, there were (and are) still enough buyers in the market that we continued to see prices rise. Prices are up 9.4% from the previous year.  Buyers bid up the average house to 100.5% of list price.  We are seeing houses in popular areas and price ranges having bidding wars and getting offers before they even go on the market (often sight unseen).

The hot market stems from a basic need for housing.  There are simply not enough houses to go around.  I believe the increase in inventory comes from sellers getting used to the idea that we have interest rates in the 6-7% range and they probably won’t significantly change any time soon.  People who need to or have wanted to move are giving up on waiting for rates to go lower.

If you are looking to buy, the next few months will have more houses on the market than you’ve seen or will see once we get into late summer.  Contact us today so we can start looking for the right house for you.

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