Northern Virginia Real Estate Market Update

Chart of Real Estate Market Stats for Northern Virgina

In January this year, Prices were down 2.2% from December, but 7% higher than the January 2023.  I’m sure you’ve seen reports of price declines in real estate markets around the country.  The DC area is still rising.  The fall and winter typically see steady seasonal declines in prices.  Those were very muted for our area the past six months.  The market is now poised for price growth this Spring and Summer.

We saw more houses listed this January than we have in a while.  While that number was still down 13.5% from the previous year, we are at the time of year where many people are and will be selling their houses.  Most of the listings we saw in the last month had multiple offers.  The average sold to list price was 98.9%, but that is for closed transaction that were negotiated late last year.  I expect that number to go over 100% in the next couple months.  Buyers are rightly seeing this uptick in the number of available listings as their opportunity to get into a home.

If you are thinking about buying a home, I think the earlier in the year you buy the better your price and choices will be. Contact us today to get started

Mortgage Rate Update:
30- Year Fixed: 6.77%
15-Year Fixed: 6.12%
Source:  Freddie Mac

Post a Comment