Northern Virginia Housing Statistics
The Northern Virginia housing market has been improving over the last few years. The Gus Anthony Team has been very busy and has witnessed an incline in home prices as well as a decrease in inventory on the market. A market indicator that we pay close attention to is the “Months of Supply”, which accounts for the amount of listings that are on the market and the length of time it would take to sell the homes at any given time. For July 2017, if NO MORE listings (or homes) came on the market then after 2.4 months there would be Nothing to buy. This is a low number and based on the data provided above the 5 year average is a 3.1 month supply and is declining which is good for someone who is going to sell there home in Northern Virginia in September 2017.
The market has been upswinging in home prices and the amount of homes selling. It must be pointed out that the pace is at a much more manageable and comfortable pace when compared to the housing boom in 2005, before the housing bust. Over 5 years the average home price for a home in Northern Virginia rose $18,785 from average sold price of $503,184 to $521,969. This can also be viewed as an average price bump of$3757 per year. These numbers take into account ALL types of housing ( single family, Townhomes & condos) that sold in Northern Virginia for July 2017 and back 5 years.
The chart below gives a break down of All House Types, Hover cursor over the chart for an interactive view:
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