Northern Virginia Spring Real Estate Market Has More Inventory

The number of houses on the market has been rising rapidly the last couple of weeks.  After several years of very few choices, buyers are finally getting more houses to see.  We’ve had 733 homes come on the market in the last 7 days, in addition to 284 that have been listed as “coming soon.”  What does this mean for buyers?

There are many potential home buyers that were outbid or just couldn’t find the right home over the last couple of years.  If that is you, now is your opportunity to start looking again.  While the market isn’t exactly flooded with houses, most areas of NoVA will give you more choices than you’ve had in quite some time.  And talking to other agents, there are more houses coming.  Many people plan to have their houses on the market in the next couple months and are preparing them for market.

Mortgage rages have been over 6% for the last 19 months.  The rates we have now are the “new normal” in the minds of buyers and sellers.  Many people have delayed buying and selling, hoping rates would go down, but are at the point of moving on because of life circumstances.  Prices have continued to go higher during this time and will likely continue to increase.

If you have been waiting to buy, you should start looking for a house in the next couple of months.  I think you will have more choices from now through June than you have had in quite a while.  You are not likely to see this many houses on the market going forward until at least the Spring of 2025.

If you are thinking of buying a home this year, contact us now so we can start looking for the perfect house for you.  You can fill out this form to let us know what you are looking for.

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