How is the real estate market in Northern Virginia? Let’s answer this question today with our latest market update.
To begin, home purchase activity in our area has changed a little from what we saw at this time last year. New pending contacts are down 5.7% year over year. The number of closed sales has also decreased since this time last year, but not very much. This statistic has dropped just 0.3% since March of 2017.
The number of new listings has dropped by 11.6% year over year, but are actually up 46.4% since this February. The five-year average for new listings in March is 5,727 so our current figure of 5,589 new listings isn’t far off from what is typical.
Moving on, the current median sold price of $459,000 is a 4.6% increase from last year. Another area of improvement is the current average for days on market. Currently, the average days on market is just 43, compared to last year’s 51.
To summarize, we are in the thick of the spring selling season. Looking at the statistics for current closed sales, the year-over-year increase in sales price, and the reduction in average days on market, it’s clear to see that buyer demand is strong. In other words, now is the time to sell.
If you have any other questions, would like more information, or would like to discuss your real estate goals, feel free to give me a call or send me an email. I look forward to hearing from you soon.