The latest numbers are in for our real estate market here in Northern Virginia so we wanted to highlight a few of the changes we’ve seen for you. Home purchase activity is a little different than it was at this time last year.
Pending contracts have dropped off by about 4.4% from last year, but the number of closed sales increased 2.6% to 2,802.
New listings are down 2.5% from last year. In July, we had just 7,779 active listings. This is well below the five-year average.
The median sale price of $449,000 is up 2.7% from last year. At the same time, the average days on market is way down from last year. Homes are selling in an average of just 35 days now.
We’re entering the fall market with very low inventory and a steady stream of buyers. Northern Virginia is in a strong seller’s market for now, but if you’ve been on the fence about making a move it might be time to consider doing so. Right now, you have an opportunity to sell high and buy low before interest rates go up. When they go up, you might not be able to afford that perfect home that you could afford right now.
If you have any questions for us, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.