Home appreciation in Northern Virginia?
Single Family Homes sell for 2.3% more than January 2017. Townhomes or attached homes that are fee simple ownership (non-condo) rise 5.3%.
A deal might be made on a condo in Fairfax County. The condo segment has decreased in value by 5.2% when compared to the same time in 2017.
Medium sales price to listing price in January 2018 is at 97.8% up .5% from 2017. This is per the MLS and encompass ALL house types in Fairfax County.
Data provided by the MRIS showing supply is low which seems to bringing the price higher due to demand.
Homes for sale are at 1.2 months supply. Which means that in Fairfax County if no new listings came on the market then all houses would be sold out in 1.2 months.
Will we see more listings come onto the market as spring approaches? February 2018 numbers should be out soon and that might five us an indication. One thing to think about as a buyer, house prices in Fairfax County are trending up. Doubtful that they will go lower than January 2018. One thing for sure, interest rates have gone up. Still great rates when compared to years ago. If a home owner is thinking of moving and selling a home this year, now might be the best time of the year, before rates climb higher and the inventory is low. Most likely prices are stable, but with more inventory usually means more days time on the market.
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