Northern Virginia Housing Stats At a Glance
Mid Year 2019 snap shot
NOVA’s housing market continues to see low inventory and rising prices through mid-year 2019. Based on the charts above June offered low inventory for buyers with only a 1.9 month of supply of homes on the market, so if nothing else came on the market “For Sale” then in less than 2 months (1.9) there would be NO active listings. Buyers need to act fast because the houses are selling on average in 32 days. Check out the latest from NVAR, Northern Virginia Association of Realtors ( June 2019).
Above the numbers are telling Northern Virginia residents or buyers looking to move to this location that most likely the prices of houses will continue to rise and be ready to jump on a house quickly if you are lucky enough to find something that fits. Homes are selling very close to “asking” so there might be a little negotiating but don’t expect even 1% off the price, since seller’s averaged 99.3% of asking in June.
As the saying goes “Real Estate” is all about location. So we broke Northern Virginia down into a few counties and highlighted 3 of the most prominent ones, Fairfax, Loudoun & Prince William Counties to give a better understanding of home prices. Below the chart gives an overview of prices from July 2018 to June 2019. The blue line tells us about the entire NOVA area & the other colors are the counties. Prince William County is still the most affordable with an average year to date sales price of $406,758 compared to NOVA at $545,500.
Overview of pricing trends based on average sold price per county
Charts below are average prices broken down by detached & attached
That’s the quick snapshot for mid-year 2019
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